Delhi: 8000 millionaires have migrated from India to foreign countries this year, according to a report published by a global consultant. This was revealed in a report released by Henley and Partners.
According to the report, India ranks third in migration of high net worth individuals. Russia and China are on the first and second positions. Russia, China and India lost 15,000, 10,000 and 8000 millionaires respectively. High net worth individuals are defined as those with a net worth of $1 million or more.
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Wealthy individuals also tend to return to India, the report said, adding that once the quality of life in the country improves, wealthy people are expected to pull back from migrating to foreign countries. At the same time, the report also shows that India is creating more new millionaires than it is losing in migration. The report claims that the population of high net worth individuals in India will increase by 80% by 2031, making India one of the fastest growing wealth markets in the world during this period.
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Hong Kong SAR, Ukraine, Brazil, Mexico, UK, Saudi Arabia and Indonesia are some of the other countries that saw millionaire migration in 2022. According to the report, UAE, Israel, US, Portugal, Canada, Singapore, Australia, New Zealand, Greece and Switzerland witnessed the highest influx of millionaires.
It is noteworthy that over the past two decades, approximately 80,000 millionaires have migrated to Australia. In 2022, 3,500 people arrived in Australia. The report also claims that a large number of millionaires are expected to move to Malta, Mauritius and Monaco. According to the report, the migration of high net worth individuals to the UAE is expected to take place in 2022, with around 4,000 millionaires expected to move to the UAE this year. Most of these billionaires hail from India, Africa, the Middle East and Russia.