Over 8000 Super-rich Indians set to leave the Nation, But WHY?

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No wonder, India is becoming a breeding ground of businesses and startups over the past few decades. Year-on-year the nation is bringing a new richie rich to the world.

As per the Forbes Real Time Billionaire list, India is now a home to 7 of the 100 richest people in the world.

However the list expected to add more good names as the nation is non-stop in bringing more wealthy personalities to the front.

But surprisingly, these rich people doesn’t want to enjoy this wealthy life in their own country. Many are moving to other nations to access quality of life and benefit from services and facilities that are deficit in India.

Among all those nations that are growing in interest for Indian super-rich people UAE tops the list. The nation continue to caught affluent investors’ curiosity, and is predicted to attract the greatest net inflow of (High Net Worth Individuals) HNWIs in 2022.

super rich indian migrating to UAE America Europe Singapore but why

As per the Henley Global Citizens Report, which monitors migration around the world, it has also been observed that many wealthy Indians fled to nations in Europe, Usa, and the Middle East during global pandemic.

And once again, 8000+ (High Net Worth Individuals) HNWIs are predicted to leave India by 2022. An infographic shared by Twitter User Praveen Someshwar Clearly illustrates how many Indian Richies are expected to migrate to other nations.

data with stats on indian and global rich people migrating to other nation infographic and chart

The visual even illustrates data on wealthy people migration and immigration from different countries.

According to the research, the number has climbed by 14% in 2022 compared to 2019. Meanwhile, the report even points out that India creates considerably more new millionaires each year than it loses to migration.

“General wealth projections for India are very strong. We expect the HNWI population to rise by 80 per cent by 2031, which will make India one of the world’s fastest growing wealth markets during this period. This will be fueled by especially strong growth in the local financial services, healthcare and technology sectors”,

Andrew Amoils, the head of research at New World Wealth, a global wealth intelligence firm based in South Africa

During this discussion with Business Standard he also adds that affluent people can think about returning to India in large numbers. Once they observe that the country’s standard of living has been improved.

According to the Henley Global Citizens Report, the United Arab Emirates (UAE) is likely to be exposed to a greatest number of millionaires as the country is growing a first-choice to live in for affluent investors and business folks.

Some other developed countries like Australia and Singapore, with predicted net inflow of 2,800 millionaires in 2022 are also growing in popularity.

Nityanand Rai, Minister of State for Home Affairs, had previously stated in December 2021 that a sum of 8,81,254 persons have given up their Indian citizenship in the seven years prior to September 2021.

Sahil Dhimaan
Sahil Dhimaan

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