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• Jun 14, 2023 | Guriya Khatun

However, it is important to note that India's standing is anticipated to rise in comparison to the previous year when 7,500 millionaires were emigrating from the country.

Digital Desk: According to the Henley Private Wealth Migration Report 2023, which examines patterns in global wealth and investment movement, there may be a loss of 6,500 high-net-worth individuals (HNWIs) in India in 2023 as a result of a major exodus of millionaires.

According to the research, China leads the list this year with a predicted loss of 13,500 HNWIs, with India coming in second.

However, it is important to note that India's standing is anticipated to rise in comparison to the previous year when 7,500 millionaires were emigrating from the country.

According to Andrew Amoils, Head of Research at New World Wealth, these outflows are not particularly alarming because India continues to produce more new billionaires than it loses to emigration.

Millionaires, or HNWIs, are those with an investable wealth of $1 million or more, according to Henley & Partners.

According to Dr Juerg Steffen, CEO of Henley & Partners, millionaire migration has been rising significantly over the past ten years. Global millionaires are expected to go abroad in around 122,000 cases in 2023, and in about 128,000 cases in 2024.

With a predicted outflow of 3,200 HNWIs, the United Kingdom (UK) comes in third, while Russia holds down the fourth slot with an anticipated outflow of 3,000 HNWIs (down from 8,500 in 2022, mostly due to the country's invasion of Ukraine).

With an estimated 5,200 millionaires projected to relocate there, Australia is predicted to have the biggest net inflow of high-net-worth individuals (HNWIs) internationally in 2023.

Despite sliding to second position after a record-breaking influx in 2022, the United Arab Emirates is still expected to receive a sizable net inflow of 4,500 new millionaires this year.

With its highest-ever net inflow of 3,200 HNWIs, Singapore takes third place, followed by the United States with its anticipated net inflow of 2,100 HNWIs.

With a predicted net intake of 1,800 HNWIs, Switzerland is in fifth place, and Canada is in sixth place with a projected net inflow of 1,600 HNWIs.