India seen losing 13% fewer millionaires to migration in 2023: Know the cities where they might be headed

India is expected to see an exodus of nearly 6,500 high net worth individuals (HNWIs) this year, according to the Henley Private Wealth Migration Report 2023. The report suggests the migration of millionaires to foreign countries will be 13 per cent lower in 2023 compared to 7,500 HNWIs leaving the country in 2022.

According to the report by Henley and Partners, which tracks wealth and investment migration trends worldwide, HNWIs are the rich people with an investable worth of $1 million or more.

Andrew Amoils, Head of Research at New World Wealth, explained, "These outflows are not particularly concerning as India produces far more new millionaires than it loses to migration."

According to Dr Juerg Steffen, CEO of Henley & Partners, there’s been a steady growth in millionaire migration over the past decade, with global figures for 2023 and 2024 expected to stand around 1,22,000 and 1,28,000, respectively.

China estimated to lose 13,500 millionaires in 2023

India stands in the second position to lose its high net worth individuals, following China, which is predicted to lose 13,500 millionaires in 2023. China continues to lose the largest numbers of dollar millionaires each year to migration since the past decade, according to the report.

UK likely to see exit of 3,200 millionaires

The United Kingdom is expected to see a net outflow of 3,200 high net worth individuals in 2023, according to the report. The UK is expected to be the third biggest loser of HNWIs globally. The UK's exodus of millionaires in 2023 could be double compared to last year’s 1,600.

Where are the Indian millionaires heading?

It is expected that the Indian high-net-worth individuals will head towards Dubai and Singapore. These places are preferred specifically for the government-administered global investor "Golden Visa" programme. The favourable tax system, rising business ecosystem, and safe environment are attractive reasons to migrate.

The report has also predicted that Australia will witness the highest number of inflow of millionaires in 2023 from different parts of the world. The number might be estimated at 5,200.

On the other hand, the UAE, which witnessed the highest influx of millionaires the previous year, is expecting to welcome 4,500 HNWIs this year. Along with that, Singapore’s inflow is estimated to be 3,200 in 2023.

The United States is expected to get 2,100 millionaires this year. Some of the other countries that might also expect an inflow of high net worth individuals are Switzerland, Canada, Greece, France, Portugal, and New Zealand.