High net worth individuals or HNWIs from India will be migrating to other lucrative destinations in the coming future. While it is not a sudden spurt, HNWIs all over the world do this all the time, and India is among the top 10 countries where the outflows of the super-rich are predicted.
It joins countries like Russia, China, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia, according to a report. And countries with net inflows of HNWIs in 2022 will be UAE, Australia, Singapore, Isreal, Switzerland, the US, Portugal, Greece, Canada, and New Zealand.
Also, a large number of HNWIs are expected to move to the ‘three Ms’ or Malta, Mauritius, and Monaco. Though HWNI migration was pretty common in the last decade, numbers obviously dipped during the pandemic. But now, with conditions slowly turning favorable, they are once again relocating big time.
In the next year, the largest millionaire migration is predicted – 125000 – as affluent investors and their families prepare for post-COVID life. They consider rearrangement of global order and climate change before deciding on the country to relocate.
According to reports, HNWIs are extremely mobile, and their movements can provide insights into future country trends. Also, countries that welcome such HNWIs are robust, with low crime rates, competitive tax rates, and attractive business opportunities.
While the UK was considered to be a millionaire’s playground, it lost its traction during the pre-Brexit years, and rising taxes saw more HNWIs leaving the country for the first time in 2020 and 2021. Similarly, the US has also lost its sheen.
China, Hong Kong, India, and Brazil are among the countries where HNWIs are preparing to migrate to other destinations. India is expected to suffer a loss of 8000 HNWIs in 2022.
Also, because of the recent communal violence due to hatred, bigotry, and untruth, many rich Indians feel that India isn’t a safe place anymore, and they are moving to locations that they feel are safe and developing. This is definitely a loss to India’s GDP as these Indians would have contributed a lot to the growth and development of the country.