Indian millionaires who left the country: This year i.e. in 2024, about 4,300 crorepati Indians may leave the country. This estimate has been made in a report by international investment migration firm Henley & Partners. The destination of most crorepati Indians may be United Arab Emirates (UAE). The report also states that in the year 2023, about 5,100 Indian crorepatis settled abroad. This includes those people who have property worth at least 1 million dollars (8.3 crores rupees).
India is continuously losing a large number of its millionaires due to the United Arab Emirates (UAE). It is expected that this year around 6,800 millionaires from around the world can settle in the UAE. UAE has emerged as the third largest center of migration worldwide. America is at number one and Singapore comes at number two. But if we talk only about Indians going abroad from India, then between 2013 and 2023, Indian millionaires in UAE have increased by 85 percent.
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How many people in the country have 100 million?
According to the report, India is home to 326,400 HNWIs (H(high-net-worth individual) India ranks tenth in the world in terms of millionaires with 100 million HNWIs. While China ranks second with 862,400 HNWIs. India ranks fourth in terms of millionaires with 1,044 people having assets of $100 million. In terms of people having $100 million, America (9,850) ranks first, Germany (1075) ranks second and China (2,352) ranks third. With 120 billionaires, India ranks third in the list of countries with the most billionaires. However, this number is one-third of China and one-eighth of the total billionaires of America.
The departure of millionaires is not a cause for concern
According to the Henley & Partners report, the migration of millionaires is not particularly worrying. Because India can continue to create far more new HNWIs than the loss due to migration. The report shows that India is expected to rank third after China and Britain in the global comparison of migration of millionaires. Even in the year 2023, the most rich people settled in the UAE.
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Why do millionaires migrate?
Millionaires migrate or change their base for several reasons. Some high net worth families choose to relocate for security reasons, while others choose financial reasons and tax benefits. The report said that the remaining people opt for migration in search of better prospects after retirement, business opportunities, favorable lifestyle, better educational opportunities for children, health care and quality of life.
UAE became the favorite country for many reasons
According to reports, UAE has become the favourite country of the rich due to the huge tax exemptions and better environment for business. In Dubai, UAE, the rich have to pay zero income tax. Apart from this, industrialists like the flexible tax structure and better law and order here. This is the reason why most of the rich are preferring to settle in UAE.
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8 lakh Indians left the country in 5 years
A trend is being seen rapidly in India. Their desire to settle abroad is increasing rapidly. In the last five years, 8 lakh, 34,000 Indians have given up their citizenship. Even before the Covid-19 pandemic, a large number of Indians were giving up their citizenship every year. Still, this figure was much less than the current number. During the year 2011 to 2019, about 132,000 Indians were giving up their citizenship every year. During the year 2020 and 2023, this number increased by 20 percent to more than two lakh every year. According to the data presented in the Rajya Sabha, more than two lakh, 16 thousand Indians gave up their citizenship in 2023.
Tag: Dubai
first published : August 28, 2024, 12:02 pm IST
