India is all set to witness a mass exodus of millionaires in 2023, stated the Henley Private Wealth Migration Report 2023.
According to the report that tracks global wealth and investment migration trends, India will lose as many as 6,500 high-net-worth individuals (HNWIs) this year. HNWIs are individuals who belong to the financial services sector having an investible wealth of more than Rs 5 crore, according to Business Standard.
The top two most preferred destinations for affluent Indians have been Dubai and Singapore. The report has also predicted a huge net inflow of millionaires in Australia, with 'the land Down Under' set to welcome over 5,200 millionaires from worldwide this year.
The UAE will see over 4,500 new millionaires, while Singapore and the US will add 3,200 and 2,100 HNWIs respectively.
Countries like Switzerland, Canada, Greece, France, Portugal and New Zealand have also been seen as popular destinations for millionaires globally.
According to the report, China is ranked first in terms of outflow of millionaires this year, with 13,500 HNWIs set to leave the country, while India ranks second. Although this is a slight improvement from last year, when the country saw an outflow of 7,500 HNWIs.
While China has a total of 780,000 HNWIs, approximately 344,600 HNWIs reside in India.
This may also not be much concerning as well for India, as the number of high-net-worth individuals (HNWIs) in India grew by 4 per cent to 3,19,900 last year.
According to a report by technology major Capgemini, the global HNWI population declined by 3.3 per cent to 21.7 million in 2022, with their wealth decreasing by 3.6 per cent to $83 trillion.
This is the largest drop in a decade and was attributed to geopolitical and macroeconomic uncertainty.
Regionally, North America (46 per cent) and Asia-Pacific (32 per cent) hold the largest share of global affluents in wealth value and population size, the report noted.
(With inputs from IANS)