High-net-worth individuals (HNWIs), commonly known as millionaires, are expected to leave India in large numbers in 2023. In terms of the number of HNWIs leaving a nation, India ranks second globally, according to the Henley Private Wealth Migration Report 2023.
The United Kingdom (UK) came in third on the list, with China taking the top spot.
According to the Henley Private Wealth Migration Report 2023, India will lose over 6,500 millionaires by the year 2023. The amount is nevertheless less than the 7,500 nett outflows of HNWI that were noted in 2022.
List of countries with highest millionaire outflows
The following countries are expected to see the highest number of net millionaires outflows in 2023:
- China
- India
- United Kingdom (UK)
- Russia
- Brazil
- Hong Kong
- South Korea
- Mexico
- South Africa
- Japan
- Vietnam
- Nigeria
- Indonesia
- Argentina
- Egypt
- Saudi Arabia
- Colombia
- Chile
- Kenya
- Ghana
Most millionaires looking to relocate choose Australia as their preferred destination. Australia is predicted to get the most nett HNWI inflows in 2023, with an infusion of 5,200 millionaires.
With predicted nett HNWI inflows of 4,500 and 3,200 respectively, the United Arab Emirates (UAE) and Singapore are the second and third most popular destinations.
The following countries are likely to experience the highest number of net HNWI inflows in 2023:
- Australia
- United Arab Emirates (UAE)
- Singapore
- United States of America (USA)
- Switzerland
- Canada
- Greece
- France
- Portugal
- New Zealand
- Italy
- Israel
- Germany
- Spain
- Monaco
- Netherlands
- Malta
- Mauritius
- Luxembourg
- Morocco
The United Arab Emirates (UAE) continues to be the top destination for Indian millionaires looking to move abroad, despite a minor decline in nett HNWI inflows from 5,200 in 2022 to 4,500 in 2023.
The ‘Golden Visa’ programme, a long-term residency option for wealthy people, as well as other advantages like a friendly tax climate, a thriving business ecosystem, a secure environment, a cosmopolitan way of life, etc., are the main reasons why Indian HNWIs choose the UAE as their prefered destination.