6,500 millionaires expected to leave India in 2023, they will migrate to...

New Delhi [India], June 14 : About 6,500 high net worth individuals (HNWIs) are expected to leave India in 2023, lower than the net outflows of 7,500 individuals the previous year, according to Henley Private Wealth Migration Dashboard 2023 - which tracks wealth and investment migration trends worldwide.

'Millionaires' or 'high-net-worth individuals' or 'HNWIs' refer to individuals with an investable USD 1 million or more wealth.

According to the estimate, China is expected to top the list with 13,500 Chinese millionaires likely to exit the country as against the exodus of 10,800 people from the country in the year 2022.

While China has a total of 780,000 HNWIs, in India there are an estimated 344,600 high net worth individuals.

UK, Russia and Brazil are expected to witness HNWIs outflow of 3,200, 3,000, and 1,200 respectively in the year 2023.

Perhaps most notably, the United Kingdom's anticipated HNWIs flight is double that of last year, when it saw a net exodus of 1,600 millionaires.

According to the Henley Private Wealth Migration dashboard HNWIs are likely to choose Australia, UAE, Singapore, the US, and Switzerland as their preferred destinations in 2023. These countries are expected to see inflows of 5,200, 4,500, 3,200, 2,100, and 1,800, respectively.

The data supplied by wealth intelligence firm, New World Wealth, covers key countries in five regions worldwide (Africa, the Americas, Asia Pacific, Europe and CIS, and the Middle East), and was released on Tuesday.

A steady growth trajectory was recorded, until 2020, in the millionaire outflows when the Covid-19 pandemic hampered migration. Recovery commenced rapidly in 2022, and the 2023 and 2024 forecasts indicate continued growth. Overall outflows of HNWIs globally in 2023 and 2024 are forecast at 122,000 and 128,000, respectively.

A decade ago, in 2013, the outflows was about 51,000, the dashboard showed.

"Australia is expected to attract the highest net inflow of HNWIs in 2023 at 5,200, and although the UAE drops into 2nd place following its record-breaking influx in 2022, it is still expected to enjoy an impressive net arrival of 4,500 new millionaires this year. Singapore ranks 3rd with a net inflow of 3,200 HNWIs, its highest on record, followed the US with an expected net influx of 2,100 millionaires," it said.

Juerg Steffen, CEO of Henley and Partners, says there's been a steady growth in millionaire migration over the past decade

"In general, wealth migration trends look set to revert to pre-pandemic patterns this year, with Australia reclaiming the top spot for net inflows as it did for five years prior to the Covid outbreak, and China seeing the biggest net outflows as it has each year for the past decade. The notable exceptions are former top wealth magnets, the UK and the US," Steffen added.

According to Henley and Partners website, wealthy individuals rely on their expertise and experience regarding "residence and citizenship by investment".