Millionaire HNI Migration: The process of shifting the rich from the country to foreign countries is going to continue in this year 2023. According to the Henley Private Wealth Migration Report 2023 (Henley Private Wealth Migration Report, 2023), which monitors wealth and investment migration worldwide, about 6500 HNWIs (High-Networth Individuals) can leave India and go abroad in 2023. Are.
According to a Business Standard report, India ranks second in the world in terms of high-net-worth individuals leaving the country with this figure. The first place is China from where 13500 high-networth individuals can leave the country. United Kingdom is in third place from where 3200 HNWI and Russia is in fourth place from where outflow of 3000 HNWI can be seen. In 2022, 8500 HNWAs from Russia left the country. In 2022, 7500 high-networth individuals left the country from India.
Due to India’s tax law and its complexities, migration of investment is also being seen. Dubai and Singapore are the favorite destinations of such rich ie HNWI. Finance Ministry is also being criticized on social media for this. TV Mohandas Pai, a former member of the board of Infosys, wrote in a tweet that the Finance Ministry has made it difficult for high-networth individuals to live. Along with the terror of tax, there are complex tax compliance rules like TCS which need to be simplified.
India to lose 6,500 millionaires in 2023, Dubai and Singapore top choice. Very worried@FinMinIndiais making life more difficult for HNI,too much tax terrorism,too much complex compliance like new TCS.needs to ease@narendramodi@PMO https://t.co/KTYeJtSXPK
— Mohandas Pai (@TVMohandasPai) June 13, 2023
According to Dominik Volek, who looks after private clients at Henley & Partners, more and more investors are shifting their families to other places due to reasons ranging from safety and security to education and health, climate change and love for crypto. 9 out of 10 countries, where the maximum inflow of these HNWIs will be seen in 2023, they provide citizenship with investment incentives. Investors who have investible assets of one million dollars or more, such investors come under the category of High-Networth Individual Millionaire.
read this also
