Over 8,000 Super Rich Indians Set To Leave Country This Year: Report

The UAE has become the focus of intense interest among affluent investors and is expected to see the highest net inflow of HNWIs globally in 2022, with 4,000 forecast.

By Anushka Vats
Thu, 16 Jun 2022 05:54 PM IST
Minute Read
Over 8,000 Super Rich Indians Set To Leave Country This Year: Report
A general view of high-rise buildings seen from the Bandra-Worli Sea Link in Mumbai. (ANI Image)

New Delhi| Jagran News Desk: Many rich Indians migrated to countries in Europe, America and Middle East during the pandemic and approximately 8,000 High Net Worth Individuals (HNWI) are expected to leave India in 2022, according to the Henley Global Citizens Report which tracks migration around the world.

The report also suggests that the number has increased by 14 per cent in 2022 as compared to 2019 when the net loss of high net worth individuals was 7,000.

However, the report also noted that India produces far more new millionaires than it loses to migration each year.

Andrew Amoils, the head of research at New World Wealth, a global wealth intelligence firm based in South Africa also told the Business Standard that there is a trend of affluent individuals returning to India. Wealthy people are expected to move back in increasing numbers once the standard of living in the country improves.

“General wealth projections for India are very strong. We expect the HNWI population to rise by 80 per cent by 2031, which will make India one of the world’s fastest growing wealth markets during this period. This will be fueled by especially strong growth in the local financial services, healthcare and technology sectors", he said.

The Henley Global Citizens Report suggests that United Arab Emirates is projected to attract the highest number of millionaires while Australia stands second on the list, followed by Singapore with an expected net inflow of 2,800 millionaires in 2022.

The UAE has become the focus of intense interest among affluent investors and is expected to see the highest net inflow of HNWIs globally in 2022, with 4,000 forecast, the report added.

Earlier, in December 2021, Nityanand Rai, Minister of State for Home Affairs had mentioned that a total of 8,81,254 people had given up their Indian citizenship in the past seven years till September 2021.

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