6,500 Ultra Rich Individuals Likely To Leave India In 2023, Australia To Gain The Most, Reveals Report

After witnessing a net outflow of 7,500 millionaires last year, India is expected to see another 6,500 high-net-worth individuals (HNWIs) leaving the country in 2023, according to the recently released Henley Private Wealth Migration report.

Only China Has More Millionaires Than India Who Are Leaving

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The report, which tracks wealth and investment migration trends worldwide, reveals that India is projected to experience a net outflow of 6,500 ultra-rich individuals this year. While this places India as the second-largest country in terms of HNWI outflow globally, following first-placed China which has a net loss of 13,500 ultra-rich individuals, it indicates a slight improvement compared to the previous year's net outflow of 7,500 millionaires.

The Henley & Partners report, based on forecasts by global wealth intelligence firm New World Wealth, provides insights into the movement of millionaires.

Other Countries Expected To Witness Millionaire Outflow

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Besides India and China, the report ranks the United Kingdom at the third position with a net outflow of 3,200 HNWIs (vs 3,000 in 2022) and Russia at the fourth position with 3,000 (compared to 8,500 in 2022 following its invasion of Ukraine).

Although the outflow of millionaires from India is notable, experts believe that it should not be a cause for major concern, as per a Money Control report. New World Wealth projects an 80% increase in the high-net-worth individual population by 2031, positioning India as one of the fastest-growing wealth markets in the world.

This growth will primarily be driven by the flourishing financial services, healthcare, and technology sectors within the country.

Australia To Witness Most Millionaires Arriving

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Australia is expected to attract the highest net inflow of HNWIs in 2023 at 5,200, while the UAE drops into 2nd place following its record-breaking influx in 2022. UAE is still expected to enjoy an impressive net arrival of 4,500 new millionaires this year. Singapore ranks 3rd with a net inflow of 3,200 HNWIs, its highest on record, followed by the US with an expected net influx of 2,100 millionaires, the Henley report mentioned.

Switzerland (net inflow of 1,800) and Canada (1,600) are in 5th and 6th place, respectively, with Greece (1,200), France (1,000 ¡ª double last year¡¯s net intake of 500 millionaires), Portugal (800), and New Zealand (700) all making it onto this year¡¯s Top 10 list for net HNWI inflows. Israel is predicted to tumble out of the Top 10 with its net inflow of millionaires set to almost halve this year to just 600 compared to 1,100 in 2022.

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Another Trend Noticed In The Report

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Interestingly, there is a noticeable trend of affluent individuals returning to India. As the standard of living continues to improve, the report anticipates a significant influx of wealthy individuals moving back to India in larger numbers.

The report recorded a substantial increase in investment migration program inquiries during the first quarter of 2023. Compared to the previous quarter, there was a 36% rise, and it was 47% higher than the same period in 2022, which was itself a record-breaking year.

The top two nationalities driving this demand are Indians and Americans, with British and South African individuals consistently ranking in the top 10 for the past five years.

The Henley Private Wealth Migration Report 2023 relies on data sourced from New World Wealth, a global wealth intelligence firm with extensive experience in tracking wealth migration trends. The report specifically focuses on HNWIs who have relocated and resided in their new country for more than six months in a year.

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