India ranks 3rd in millionaire outmigration in 2022, but it’s still churning out more millionaires than it is losing: Henley & Partners
- In 2022, so far 8,000 high-networth individuals (HNI) have moved out of India.
- The Indian HNI population is expected to rise by 80% by 2031, making it one of the world's fastest-growing wealth markets.
- The number of billionaires in India too has been rising steadily in the last few years, as per a report by Hurun and IIFL released in September.
AdvertisementAfter a pandemic break, the trend of millionaires moving out of their home countries, looking for greener pastures is back, says the latest report by Henley & Partners, a migration consultancy.
In 2022, so far 8,000 high-networth individuals (HNI) have migrated out of India. The country also ranks third in terms of HNI movements, coming only after Russia at 15,000 and China at 10,000. HNIs are individuals who have a wealth of $1 million or more.
After India, Hong Kong and Ukraine lost the most millionaires at 3,000 and 2,800 respectively. However, the UK too lost 1,500 millionaires during the year, ranking seventh on the list. UAE, Australia and Singapore are the countries where millionaires chose to migrate to – at 4,000, 3,500 and 2,800 respectively.
India’s making more than it’s losing
Unlike in the case of other countries, the report indicates that India has less to worry about its millionaire movements. Moreso, the 8,000 people who migrated represent only 2% of India’s HNIs, whose number is at 357,000.
India is also making more millionaires than it’s losing. The report expects the Indian HNI population to rise by 80% by 2031, which will make it one of the world's fastest-growing wealth markets during this period.
"There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers," it said. According to a report by Standard & Poor’s, Indian households will become the greatest spenders among G20 economies, as India itself will overtake Japan and Germany to become the world’s third largest economy.
Billionaires believe in India
As per the world’s third richest man, Gautam Adani, India will add $1 trillion to its economy every 12-18 months within the next decade. On the other hand, India’s second richest man, Mukesh Ambani too believes that the Indian economy will grow 13-fold to $40 trillion by 2047.
The number of billionaires in India too has been rising steadily in the last few years, as per a report by Hurun and IIFL released in September. Hurun India finds 1,103 individuals with ₹1,000 crore wealth, up by 96, an increase of 62% over the last five years.
AdvertisementAs per the IIFL Wealth Hurun India Rich List 2022, 735 entrepreneurs or 67% are self-made, up from 659 last year, and up from 54% five years ago. Also, 79% or 117 of new faces for the year are self-made – indication of emerging new opportunities.
UPI has been a phenomenal success and considering 80 million Indians made their first digital transaction after 2020 and 190 million are still unbanked — it’s still a breeding ground for new wealth creation, the IIFL Hurun report said.
“I expect the government’s Open Network for Digital Commerce (ONDC) initiative to be a moonshot for accelerated wealth creation for entrepreneurs from retail, logistics, and tech stack that are built on/ for ONDC. EV is another ecosystem that has the potential to contribute new entrants to IIFL Wealth Hurun India Rich List,” said Anas Rahman Junaid, MD and chief researcher of Hurun India.
(With inputs from ANI)
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