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India to lose 6,500 millionaires in 2023, Dubai and Singapore top choice: Henley’s Report

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India to lose 6,500 millionaires in 2023, Dubai and Singapore top choiceAccording to the Henley and partners’ annual report of Henley Private Wealth Migration Report 2023, published on June 13 ,2023, India may lose (net outflow) at least 6,500 High-Networth Individuals (HNWIs) in 2023 making India the second-highest outflow of HNWIs globally, after China (which has a net outflow of 13,500 HNWIs).

  • India will be followed by the United Kingdom-UK (3,200) and Russia (3,000) in third and fourth places, respectively.
  • The 2022 edition projected the departure of 7,500 HNWIs from India that year.

Who is HNWIs ? Millionaires or HNWIs refer to those with an investable wealth of USD 1 million or more. (approx. Rs 8.2 core or more).

About the report: The Henley Private Wealth Migration Report represents the countries and territories with net inflows or net outflows of 100 or more HNWIs namely, the difference between the number of HNWIs who relocated to and who emigrated away from a particular country during a given year.

Top 5 Country wise net HNWI inflow/outflow 



Forecast Net HNWI Outflows 2023Actual Net HNWI Outflows 2022



Forecast Net HNWI Inflows 2023

Actual Net HNWI Inflows 2022





4Russian Federation-3,000-8,5004USA2,100





Preferred Destinations for wealthy Indian families:

Dubai, United Arab Emirates (UAE) and Singapore remain preferred destinations for wealthy Indian families amid Golden Visa” program, favourable tax environment, robust business ecosystem and a safe, peaceful environment

Reasons behind investment migration from India:

India’s prohibitive tax legislation, complex rules relating to outbound remittances which open to misinterpretation and abuse are some of the issues that had triggered the trend of investment migration from the country.

i.However these outflows are not alarming, Global wealth intelligence firm New World Wealth projects India’s HNWI population will experience 80% increase by 2031, positioning India as one of the world’s fastest-growing wealth markets during the period.

ii.Currently India has approximately 357,000 HNWIs

Why are millionaires choosing to relocate (A Global Scenario)?

Recent turbulence and uncertainties have led to a notable trend of investors considering relocation for various reasons: safety, security, education, healthcare, climate resilience, and crypto-friendliness. Nine out of the top ten countries projected to attract the most HNWIs in 2023 have residence-by-investment programs. These programs incentivize Foreign Direct Investment (FDIs) in exchange for residency rights and, in some cases, citizenship.

Global Migration:

The report also states that around 122,000 no of HNWIs (HNWI figures rounded to nearest 1,000) are expected to get migrated globally in 2023. The migration of HNWIs globally was about 84,000 in 2022.

Which countries will lose the highest number of millionaires in 2023?

Brazil with 1,200 HNWIs outflow is followed by Hong Kong (1,000), South Korea (800), Mexico (700), South Africa (500) and Japan (300) at 5th , 6th , 7th, 9th, 9th and 10th respectively in terms of HNWIs outflow in 2023.

Recent Related News:

i.According to the State of World Population (SOWP) 2023 titled “8 Billion Lives, Infinite Possibilities: the case for Rights and Choices” published by the United Nations Population Fund (UNFPA), India overtakes China to become the most populous nation in the world, the population of India has grown by 1.56% in the past year and it is estimated to be 142.86 crore.

ii.According to the “Global Trade Outlook and Statistics” report released by the World Trade Organization (WTO) the merchandise trade volume is expected to grow by 1.7% in 2023, up from October 2022 estimate of 1.0%.

About Henley and Partners:

CEO– Juerg Steffen
Headquarters– London, UK