India is projected to experience a net outflow of 6,500 high-net-worth individuals (HNWIs) in 2023. This represents a decline from the 7,500 HNWIs who left India in 2022, revealed Henley Private Wealth Migration Report 2023.

The Henley & Partners research, which is based on estimates from global wealth intelligence company New World Wealth, provides insights into the mobility of millionaires.

This makes India the country with the second-highest outflow of HNWIs in the world, trailing only China (net loss of 13,500). According to the findings, the United Kingdom (3,200) and Russia (3,000) are ranked third and fourth, respectively.

The top three destinations for HNWI migration in 2023 are expected to be the United States, Canada, and the United Kingdom. According to the evaluation, the high net-worth individual population is expected to grow by 80% by 2031, making India one of the world’s fastest-growing wealth markets during this time period. This expansion will be fueled mostly by the country’s burgeoning financial services, healthcare, and technology industries.

The report also found that the number of HNWIs in the world is expected to grow by 8.5% in 2023, reaching a total of 22.5 million. This growth will be driven by strong economic growth in emerging markets, such as India and China.

The report’s findings suggest that India is still a desirable destination for HNWIs, despite the recent decline in outflows. The government’s efforts to improve the economy and crack down on financial crime are likely to continue to attract HNWIs to India in the years to come.

Dominic Volek, the company’s group head of private clients, stated that the recent and ongoing turmoil has caused a shift in which more investors are considering relocating their families for a variety of reasons, including safety and security, education and healthcare, climate change resilience, and even crypto-friendliness.

“Nine of the top 10 countries for forecast net HNI inflows in 2023 host formal residence by investment programs that encourage foreign direct investment in return for the right to reside, which can also lead to citizenship in some cases. Investors see the clear value of diversifying their domicile portfolios as the ultimate hedge against both regional and global volatility, now and in the future,” said Volek.

Surprisingly, there is a noticeable trend of wealthy individuals returning to India. As the standard of living rises, the research predicts a huge migration of wealthy persons returning to India in greater numbers.