New Delhi: India, one of the world’s fastest-growing economies, is facing a concerning trend as around 6,500 billionaires are reportedly planning to leave the country this year. The Henley Annual Private Wealth Migration Report categorizes these individuals as the ultra-rich, who can invest at least $1 million or Rs 8.2 crore in any other country. However, liabilities are not included in this estimate. If the data presented in the report for 2023 is correct, India will be the second country after China from which such a significant number of the ultra-rich will migrate to other countries.
Preferred Destinations for Migration
The Henley report suggests that the most preferred countries for wealthy Indians to migrate to are Australia, the United Arab Emirates, Singapore, the US, and Switzerland. The report also highlights that by 2023, the top five countries from which the most migration of the rich is expected are China, India, Britain, Russia, and Brazil.
Total Number of Rich People in India
India was included in the list of the top 10 richest countries in the world by the end of 2022, according to media reports. The country is currently ranked at the 10th position. The Henley report indicates that there are approximately 344,600 wealthy people in India, including 1,078 individuals whose total assets are over $100 million. Additionally, 123 people in India have wealth exceeding $1 billion or Rs 8,200 crore.
Concerns for India
The growing number of billionaires leaving India is a significant matter of concern for the country. The trend could potentially impact the country’s economy. However, it is worth noting that many of these ultra-rich Indians are turning towards Dubai and Singapore, indicating that the migration may not necessarily be a reflection of dissatisfaction with India but rather a desire for new opportunities.
Conclusion
The migration of the ultra-rich from India is a matter of concern for the country’s economy. However, the trend is not unique to India, and other countries, including China, are also experiencing a similar trend. It is essential to address the reasons behind the migration and take steps to retain the country’s wealth and talent.
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