Mumbai: India is expected to witness a net outflow of 6,500 high-net-worth individuals (HNWIs), with investable wealth of $1 million or more, in 2023, as per a report from Henley and Partners.

India is predicted to witness a net outflow of 6,500 HNWIs in 2023, according to the research, which examines wealth and investment mobility trends globally.

With a net loss of 13,500, this makes India the second-largest country in the world in terms of HNWI outflow, after China, but it represents a little improvement over the net outflow of 7,500 millionaires in the previous year.

The Henley & Partners report offers information on the mobility of millionaires and is based on predictions made by the international wealth intelligence company New World Wealth.

Along with India and China, the research places the United Kingdom in third place with a net outflow of 3,200 HNWIs (compared to 8,500 in 2022 following its invasion of Ukraine) and Russia in fourth place with 3,000 (compared to 3,000 in 2022 following its invasion of Ukraine).

Although the HNWI exodus from India is remarkable, experts don’t think it should be a big source of worry. By 2031, New World Wealth predicts that there will be an 80% growth in the number of high-net-worth individuals, making India one of the world’s wealthiest economies with the quickest rate of expansion.

The booming financial services, healthcare, and technology industries in the nation will be the main drivers of this expansion.

It’s interesting to see that there is a noticeable trend of wealthy people going back to India. The survey predicts a huge migration of affluent people returning to India in greater numbers as the standard of life rises.

Inquiries about investment migration programmes significantly increased, according to Henley & Partners, in the first quarter of 2023. There was a 36% increase from the previous quarter, and it was 47% greater than the same time in 2022, which was also a record-breaking year.

Indians and Americans are the top two nationalities driving this demand, with Brits and South Africans continuously placing in the top 10 over the past five years.

Data for the Henley Private Wealth mobility Report 2023 was obtained from New World Wealth, a company that specialises in researching wealth mobility trends on a global scale. The HNWIs who moved and spent more than six months a year in their new nation are the subject of the report’s specific focus.

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The post India May Lose 6,500 People With Over $1MN Wealth In 2023: Report first appeared on The Prevalent India.