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Over 8,000 millionaires may migrate out of India in 2022 — here's why

Over 8,000 millionaires may migrate out of India in 2022 — here's why

Over 8,000 millionaires may migrate out of India in 2022 — here's why
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By CNBCTV18.com Jun 14, 2022 6:35 PM IST (Updated)

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SUMMARY

Mass exodus of 8,000 millionaires is expected in 2022, according to the latest Henley Global Citizens Report.

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India is expected to witness an exodus of as many as 8,000 high net worth individuals (HNWIs) in 2022, a new study has said. The net loss of millionaires is up 14 percent since 2019, at the time when the net loss was 7,000, according to the Henley Global Citizens Report said. The report tracks private wealth and investment migration trends across the world. According to the report, India produces far more new millionaires than it loses to migration each year. Among the top reasons for the migration are the desire for stronger passports, stringent tax rules in the country and reporting requirements, the report said. Here’s a look at the top 10 reasons for the mass exodus of the super-rich Indians. (Image: Shutterstock)

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Eyeing investments | Young tech entrepreneurs are eyeing global business and investment opportunities and hence are becoming increasingly transnational. (Image: Shutterstock)

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Tax efficiencies | The new generation of entrepreneurs is keen on diversifying a portion of their wealth in countries that offer incentives and high tax efficiencies. (Image: Shutterstock)

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Stringent tax laws in India | In 2020 and 2021, India introduced stringent tax residency rules that gave no relief in individual taxation rates for HNWIs, the report quoted Bijal Ajinky, partner at Khaitan and Co, as saying. This was also one of the primary motives for millionaires looking for alternative residency. (Image: Reuters)

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Visa-free travel | Another consistent primary motivator for Indians looking for alternative residence and citizenship is the desire for visa-free travel, Ajinky said. (Image: Reuters)

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Better facilities | Another reason why Indians are seeking to relocate abroad through visa programmes is the appeal of a higher standard of living, which includes better health and education facilities for the family. (Image: Reuters)

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Unemployment | According to a report by the Centre for Monitoring Indian Economy, (CMIE) unemployment levels in India rise with education. As of December 2021, one in five college graduates were unemployed, Quint reported quoting CMIE data. (Image: Reuters)

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Better work-life balance | A Munich-based global social networking site for expat communities 'InterNations' said that Indians living abroad are happier with their working hours and a better work-life balance than back at home. (Image: Shutterstock)

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EU, Dubai and Singapore are top destinations | Historically, Indians have migrated mostly to the US. However, with US immigration and tax rules becoming more pervasive, Indians are looking more at other countries. Dubai and Singapore continue to be their favourite destination as they are physically more accessible from India and are tax friendly. (Image: Reuters)

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