India to lose 6,500 HNIs in 2023. Where are these wealthy individuals headed?
2 min read 15 Jun 2023, 01:52 PM ISTThe top five destinations for net inflows of high-net-worth individuals in 2023 are predicted to be Australia, the UAE, Singapore, the US and Switzerland. The report cited political stability, low taxation and personal freedom as primary factors for wealthy people deciding where to live.
PremiumAround 6,500 wealthy individuals from India are projected to emigrate in 2023, as per the Henley Private Wealth Migration Report 2023, which monitors global wealth and investment migration patterns. This is a slight dip from the previous year’s exit of 7,500 millionaires. However, India is among the top five countries which are likely to see the largest net outflows of millionaires this year
The report also predicted, the high net-worth individual population is projected to experience a remarkable 80% increase by 2031, positioning India as one of the world’s fastest-growing wealth markets during this period. This growth will be primarily fuelled by thriving financial services, healthcare, and technology sectors within the country.
Where are the wealthy individuals headed?
The top five destinations for net inflows of high-net-worth individuals in 2023 are projected to be Australia, the UAE, Singapore, the USA, and Switzerland.
Australia: Australia's consistent attraction of high-net-worth individuals, especially from Asia, Africa, and now high-income countries like the UK, continues in 2023. Over the past two decades, approximately 82,000 wealthy individuals have relocated to Australia, with an additional 5,200 expected this year.
UAE: The UAE is expected to welcome around 4,500 millionaires in 2023, a substantial increase from the previous average of 1,000 per year. India is the largest contributor, followed by the UK, Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China.
Singapore: Singapore continues to attract wealthy individuals, mainly from the rest of Asia. A net inflow of approximately 3,200 high-net-worth individuals is expected in the city-state in 2023.
America: America is expected to attract a net inflow of approximately 2,100 new high-net-worth individuals in 2023, mainly from Asia. Traditionally, most affluent people who move to the USA are involved in the entertainment, financial services, and tech sectors.
Switzerland: Despite recent issues with the Swiss banking system and specifically Credit Suisse, Switzerland is still projected to attract a net inflow of approximately 1,800 high-net-worth individuals in 2023. Although lower than the net inflow last year, this shows that the country’s enduring appeal lives on