The Flight Of India’s Dollar Millionaires

NEW DELHI: A fortnight ago, Henley & Partners released its ‘Private Wealth Migration Report 2023’. It revealed that 6,500 High-Net-Worth-Individuals or HNIs will be moving out of India—making it the second biggest HNI loser globally.
Data compiled by New World Wealth, the data intelligence partners of Henley & Partners, reveals that between 2013 and the current year, India lost about 55,000 HNIs.
According to Henley & Partners, the flight of HNIs is a global phenomenon and has been accelerating in the last few years. The top two nationalities driving this surge are Indians and Americans, with Brits and South Africans remaining in the top-10 as they have done for the last five years, the firm added.
Given that these migrating HNIs are also wealth creators, the obvious concern is its impact on the country’s economy and the global perception about India as an investment destination.
The big question is whether the pull factors outweigh the push factors? That is, whether these HNIs are escaping India or voluntarily seeking global destinations that help protect their millions better?
To answer this and more we spoke to Dominic Volek, Group Head of Private Clients at Henley & Partners