For A 'Better' Place: More Than 8,000 Super Rich People Set To Leave India This Year
According to the latest Henley Global Citizens Report, India has the third highest number of HNWIs seeking to migrate to other countries. The report said that in 2021 there was an increase of 54% in such inquiries compared to 2020 which saw a 63% rise in the interest shown by Indian investors. The report estimates that in 2022 alone over 8,000 super rich will leave India. Russia topped the list with an estimated 15,000 outflows, followed by Chi...Read More
The pandemic years saw the super-rich of India queuing up to flee the country, mostly to countries in Europe, America and the Middle East.
The devastation caused by COVID was said to be one of the main reasons that made the high net worth individuals (HNWI) leave India.
But even in 2022 the trend of the super rich migrating to other countries, and buying citizenship there has only continued.
Delhi Airport
More than 8,000 super rich Indians will leave in 2022
According to the latest Henley Global Citizens Report, India has the third highest number of HNWIs seeking to migrate to other countries.
The report said that in 2021 there was an increase of 54% in such inquiries compared to 2020 which saw a 63% rise in the interest shown by Indian investors.
The report estimates that in 2022 alone over 8,000 super rich will leave India.
Russia topped the list with an estimated 15,000 outflows, followed by China at 10,000.
Indians looking beyond US and Canada
The report said that while historically Canada and the USA have been extremely popular education hubs for Indians, there is a growing interest in European residence by investment migration programs like those offered by Greece, Malta, Portugal, and other golden visas on the continent.
Unsplash
This can be attributed to more European universities having become bilingual and offering tuition in English. A number of European countries are also being considered as potential places to own retirement or vacation homes, conduct business, and enjoy lifestyle benefits.
The most popular options among Indian investors are the golden visa programs in Portugal and Greece on the residence by investment front and Malta and Montenegro on the citizenship by naturalization/citizenship by investment front.
AFP
Tech entrepreneurs look at Singapore
Singapore is a preferred destination for tech entrepreneurs and also for setting up family offices because of its strong legal system and availability of world-class financial advisors, the Dubai Golden Visa has emerged as a winner in several circles for its ease of procurement and the multiple opportunities it offers.
Dr. Juerg Steffen, CEO of Henley & Partners, says by the end of the year, 88,000 millionaires are expected to have relocated to new countries, 22,000 fewer than pre-pandemic in 2019. "Next year (2023), the largest millionaire migration flows on record are predicted ¡ª 125,000 ¡ª as affluent investors and their families earnestly prepare for the new post-COVID world order."
Edarabia
UAE, the world's most preferred location
The report noted that UAE has become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022, with 4,000 forecast ¡ª a dramatic increase of 208% versus 2019¡¯s net inflow of 1,300 and one of its largest on record.
For more on news, sports and current affairs from around the world, please visit Indiatimes News.
Bobins Abraham is the Assistant News Editor at Indiatimes. He has more than twelve years of experience in TV and digital journalism. An avid student of history and geopolitics, he is a conservationist and environmentalist at heart. He writes on environment, sustainability, human-animal conflict and more.
Read More
