India To Witness Outflow Of 6,500 Millionaires In 2023

India is expected to witness an exodus of millionaires and may lose 6,500 high-net-worth individuals (HNWIs) in 2023.

In a recent report by the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide. Notably, India is the second nation after China in terms of the outflow of millionaires from the country this year.

In 2023, China is predicted to lose 13,500 HNWIs, followed by India, which has secured second place and the United States of America, the third.

However, speaking of India, the outflow of millionaires from India would not impact the economic conditions as the nation is likely o built millionaires again, rising the percentage by 80%, by 2031. As per the reports, India's position is likely to improve since last year when its outflow of millionaires was 7,500.

Andrew Amoils, Head of Research at New World Wealth points out, "These outflows are not particularly concerning as India produces far more new millionaires than it loses to migration." According to Henley and Partners, millionaires or high-net-worth individuals (HNWIs) are people with an investable wealth of $1 million or more.

Dr. Juerg Steffen, CEO of Henley & Partners, says that millionaire migration has grown steadily over the past decade with around 1,22,000 and 1,28,000 millionaires expected to migrate globally in 2023 and 2024, respectively.