In a world where high-net-worth individuals, HNWIs seem to have an insatiable wanderlust, India finds itself bidding farewell to a significant number of its affluent citizens.
It appears India is set to bid farewell to around 6,500 high-net-worth individuals (HNWIs) in 2023; this is according to the highly prestigious Henley Private Wealth Migration Report 2023.
India takes the silver medal in the global HNWI outflow championship, graciously stepping aside for China‘s mighty 13,500 HNWIs seeking greener pastures.
But don’t despair, as this year’s figure represents a decline from the departure of 7,500 individuals witnessed in 2022.
Top Destinations for HNWIs
So, where exactly are these HNWIs flocking to escape the hustle and bustle of Indian streets?
The Henley Private Wealth Migration Dashboard reveals that Australia takes the center stage, luring in 5,200 high-rollers with promises of kangaroos, endless beaches, and delightful accents.
The UAE, despite its drop to second place after a record-breaking influx in 2022, still manages to attract a considerable net arrival of 4,500 millionaires this year.
Singapore, with its efficient infrastructure and delectable food, claims the bronze medal with a net inflow of 3,200 HNWIs.
And let’s not forget the United States, where 2,100 wealthy individuals seek to become citizens of the land of opportunity, fast food, and Hollywood.
However, while this may be true that a significant number of Indian HNI’s might be choosing to go to foreign lands, it is to be noted that Singapore has reportedly entered recession along with countries like Germany and New Zealand, and the economy of the United States too is facing significant economic challenges!
The Return of the Wealthy
Surprisingly, amidst the tales of departure, a peculiar trend is also emerging – a homecoming of the wealthy. As the standard of living rises in India, research predicts a great migration of wealthy individuals returning to their roots in more significant numbers.
It seems that even the most luxurious abodes across the globe can’t entirely replace the charm of “desi” traditions, the vibrant colours of Indian festivals, and, perhaps, the irresistible aroma of freshly cooked biryani.
Wealthy Considerations and Cryptocurrency
So what is driving these HNWIs to seek new shores?
Dominic Volek, the company’s group head of private clients, points out that recent turmoil and ongoing events have caused a shift in perspective for many investors. Safety, security, education, healthcare, and even climate change resilience have become pivotal factors in their relocation decisions. And let’s not forget the fascinating allure of crypto-friendliness as these wealthy individuals seek to navigate the ever-evolving world of digital currencies while basking in the sun on their new exotic balconies.
India’s Economic Promise
Despite the recent decline in outflows, the Henley Private Wealth Migration Report suggests that India remains a desirable destination for HNWIs. The government’s efforts to improve the economy and crack down on financial crime are expected to continue attracting the wealth-seeking elite to India’s shores. With its booming financial services, healthcare, and technology industries, India is poised to become one of the fastest-growing wealth markets in the world by 2031.
Therefore, as we may bid farewell to India’s high-net-worth individuals venturing off into the world, we can’t help but marvel at the magnetic pull of wealth migration. From the sandy beaches of Australia to the dazzling lights of the UAE, the efficient streets of Singapore, and the dream factories of the US, these HNWIs are seeking new horizons and opportunities.
However, amidst the departure, India’s prodigal wealthy are returning in larger numbers, drawn back by the rising standard of living and the undeniable allure of their roots.
While India experiences a net outflow of HNWIs, it remains a land of immense potential and economic growth. The government’s efforts to bolster the economy continue to attract the wealthy elite, reaffirming India’s position as one of the world’s fastest-growing wealth markets.
As HNWIs venture forth or return home, they shape the global landscape of wealth migration, leaving their mark on both the destinations they choose and the land they leave behind.
So, whether these high-flying individuals seek adventure, security, educational opportunities, climate resilience, or a taste of the crypto-friendly world, their movement highlights the desire for diversification and the pursuit of a truly global lifestyle. India’s cultural tapestry, economic potential, and the promise of a rich and vibrant future continue to captivate both new explorers and returning prodigals.
