It is not new for rich people to leave the country and settle abroad. But despite India’s rapid growth amid fears of worldwide recession, it is a shocking decision for people to move to other countries from here. Also, India is second in the world regarding leaving India and settling in other countries.
According to Henley Private Wealth Migration Report 2023, 6500 high net worth individuals, i.e. HNI, can leave the country. However, this number is less than last year when 7.5 thousand HNIs left India.
7500 Indians Left The Country In 2022
Henley’s report, which monitors wealth and investment migration worldwide, said that China has the most significant number of people leaving their country and making their homes in other countries, from where 13,500 rich are expected to migrate this year.
Britain is number three on this list, from where 3200 millionaires are expected to leave the country this year. On the other hand, 3 thousand high net worth individuals from Russia are expected to go to other countries, at number four on this list.
The Trend Of Exodus Of The Rich Around The World
However, most experts believe that millionaires leaving the country is not a great concern. The argument behind this is that by 2031, the population of millionaires can increase to about 80 per cent. During this time, India will be one of the fastest-growing wealth markets in the world. With this, the maximum number of millionaires will emerge from the country’s financial services, technology and pharma sectors. In such a situation, reducing this number in 2022 is news of great relief from India’s point of view.
Why Do Rich People Leave Their Country?
However, the question remains about why rich people leave their country. Thousands of rich people leave the country yearly due to complexities in India’s tax-related rules. The rich around the world like places like Dubai and Singapore the most because the rich prefer to go to a country with flexible tax-related rules.
Social media users have been besieging the Finance Ministry regarding the complexity of tax rules. TV Mohandas Pai, the former board member of veteran IT company Infosys, has also tweeted. He said that the Finance Ministry has made life difficult for HNIs. He said that tax rules should be simplified.
