“The priorities of affluent individuals are shifting to the intangible but equally vital elements that impact; their children’s prospects, the quality of their lives, and the legacies they leave.”
6,500 High Net Worth Individuals (HNWI) will be leaving India in 2023, making it the second-highest country in terms of HNWI outflow after China. Top destinations for migration are Australia, UAE, Singapore and the US. What are the key reasons for wealthy individuals to leave India?
Speaking about it to the Mint, Dr Juerg Steffen, CEO of Henley & Partners, commented that political stability, low taxation, and personal freedom have always been key metrics for millionaires when it comes to deciding where to live. However, the priorities of affluent individuals are shifting to the intangible but equally vital elements that impact; their children’s prospects, the quality of their lives, and the legacies they leave.
“Wealthy families want to ensure that their offspring have access to top-tier academic institutions to pave the way for their success. They are looking for optionality to move to cities that are more resilient to climate change and that offer a good quality of life.”
India is poised to become one of the world’s fastest-growing wealth markets by 2031, with an estimated 80% growth in the HNWI population. This growth will largely be fueled by the country’s flourishing financial services, healthcare, and technology sectors
Of the top 10 countries that are successfully attracting net inflows of high-net-worth individuals in 2023, nine offer investment migration programmes. These countries have actively employed residence by investment programmes, which are sometimes referred to as golden visa programs, as a strategy to draw in much-needed foreign direct investment, he added.
Despite the outflow, the report, however, highlights positive prospects for India’s wealth market. It suggests that India is poised to become one of the world’s fastest-growing wealth markets by 2031, with an estimated 80% growth in the HNWI population. This growth will largely be fueled by the country’s flourishing financial services, healthcare, and technology sectors.
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