India might lose about 6,500 high-net-worth individuals (HNWIs) this year, followed by neighbouring country China (13,500), and the UK (3,200) placed on the second and third on the list, respectively, according to a report.
The report by the Henley & Partners research, titled ‘Henley Private Wealth Migration Report 2023’, is based on estimates from global wealth intelligence company New World Wealth and provides insights into the mobility of millionaires.
According to the report, the high net-worth individual population is likely to increase 80 per cent by 2031, making India one of the world’s fastest-growing wealth markets during this time period. It will be led by the country’s growing financial services, healthcare, and technology industries.
Dominic Volek, the company’s group head of private clients, said, “Nine of the top 10 countries for forecast net HNI inflows in 2023 host formal residence by investment programs that encourage foreign direct investment in return for the right to reside, which can also lead to citizenship in some cases. Investors see the clear value of diversifying their domicile portfolios as the ultimate hedge against both regional and global volatility, now and in the future.”
Apart from India, China and the UK, other countries to see major outflow of millionaires are Russia (3,000 HNWIs), Brazil (1,200 HNWIs), Hong Kong (1,000 HNWIs), South Korea (800 HNWIs), Mexico (700 HNWIs), South Africa (500 HNWIs), and Japan (300 HNWIs).
Among the places where these millionaires are expected to relocate are Australia (5,200 arrivals expected), UAE (4,500), Singapore (3,200), USA (2,100), Switzerland (1,800), Canada (1,600), Greece (1,200), France (1,000), Portugal (800), and New Zeeland.
Comments
0 comment