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India is expected to see the exit of 6,500 high-net-worth individuals (HNWIs) in 2023, the second-highest estimated number of outflows globally, according to the Henley Private Wealth Migration Report 2023. Although India is the second-biggest loser on the Globally, however, India’s net exit figures are expected to drop to 6,500 in 2023, compared to 7,500 last year, the report said.
With reference to other countries, this figure of 6,500 for India for 2023 compares with the projected net influx of 13,500 HNWIs in China, 3,200 HNWIs in the UK and 3,000 in Russia. HNWI’s projected UK flight is almost double that of last year, when it saw a net exit of 1,600 millionaires.
“These outflows are not particularly worrisome because India is producing far more new millionaires than it is losing through emigration,” said Andrew Amuels, head of research at New World Wealth, according to the report’s release.
Sunita Singh Dalal, partner at Private Wealth and Family Offices in Hourani, said in the report that “prohibitive tax legislation coupled with complex and intricate rules on outward remittances that can be misinterpreted and abused are just a few of the issues that have led to the trend of investment outflow from India.” “.
As it has for the past decade, China still loses the largest number of millionaires each year to immigration. Amuels said that “general wealth growth in China has slowed over the past few years, which means that recent outflows may be more damaging than usual.” The Chinese economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been minimal since. Then (when measured in US dollars).”
Wealthy net flow
Australia is expected to attract the highest net influx of ultra-wealthy people in 2023 at 5,200. The United Arab Emirates has slipped to second place after its record influx in 2022, with the arrival of 4,500 new millionaires net this year. Singapore ranks third with a net inflow of 3,200 millionaires, its highest ever, followed by the United States with an expected net inflow of 2,100 millionaires.
Switzerland ranks fifth with an expected net influx of 1,800, followed by Canada with 1,600 net worth. These countries are followed by Greece (1,200), France (1,000 – double last year’s net income of 500 millionaires), Portugal (800), and New Zealand (700). Israel is expected to fall out of the top 10 as the net influx of millionaires is set to nearly halve this year to 600 compared to 1,100 in 2022.
Brexit has had an impact on high net worth investors in the United Kingdom. “The peak year for the UK’s net outflow was 2017, after the Brexit referendum in 2016. Prior to that, the country enjoyed positive net outflows from the wealthy. While net losses declined slightly between 2017 and 2019, forecasts indicate 2023 indicates that the exit of a more important millionaire is currently underway.
She said the allure of another financial giant, the United States, is waning fast. America is notably less popular with immigrant millionaires today than it was before Covid, perhaps in part due to the threat of higher taxes. The country is still attracting more wealthy people than it is losing to immigration, with a net inflow of 2,100 projected for 2023, though. Although this is a staggering drop from 2019 levels, which saw a net inflow of 10,800 millionaires.
According to the report, popular investment immigration pathways include Portugal’s Golden Residence Permit Program, followed by obtaining Austrian Citizenship by Investment Offer, and St. Kitts and Nevis Citizenship by Investment Program. Next up is the Canadian Startup Visa Program, which is the fastest way for entrepreneurs and wealthy individuals to gain access to Canadian residency and the North American market. Rising in popularity this year and last in the top five are Italy’s residency-by-investment programme, with Greece’s Golden Visa program and Spain’s residency-by-investment programme.
methodology
The data in the Henley Private Wealth Migration Dashboard is provided by the wealth information company, New World Wealth, and covers major countries in five regions (Africa, Americas, Asia Pacific, Europe, CIS, and Middle East). New World Wealth tracks global wealth migration trends between countries and cities.
“Millionaires” or “High Net Worth People” (HNWIs) refer to those with investable wealth of US$1 million or more. The report, produced by the international residence and citizenship advisory firm Henley & Partners, presents the latest net inflows and outflows of millionaires (the difference between the number of wealthy individuals with investable wealth of US$1 million or more who move to a particular region and the number who emigrate from a country). ). Wealthy immigration figures focus on the wealthy who stay in their new country more than six months of the year.
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