[ad_1]
- According to Henley & Partners, nearly 8,000 HNWIs moved out of the country this year.
- Russia recorded the highest outflow with 15,000, followed by China and India.
- The number of US dollar millionaires and millionaires in India will grow by 80% over the next decade.
The number of millionaires and billionaires in India is set to skyrocket over the next decade, according to a recent report from advisory firm Henley & Partners. But India has a hard time keeping them at home.
According to the Henley Private Wealth Migration Dashboard, India’s richest 8,000 people emigrated out of the country this year. Similar spills have been witnessed in several countries in Asia, Europe and South America.
Russia recorded the highest outflow with 15,000, followed by China with 10,000.
India is third in terms of wealthiest outflows. Andrew Amoyles, head of research at New World Wealth, said India creates far more new billionaires each year than it loses to migration, so these outflows are not particularly concerning. Stated.
According to Statista, India was home to nearly 700,000 billionaires at the end of 2020.
Most of these richest people from India and other countries appear to be moving to the UAE, which saw the highest influx at 4,000. Australia followed with 3,500. This figure is represented by the net inflows and outflows of the billionaires section of the US dollar and shows the difference between the number of HNWIs moving into and out of the country.
The London-based investment migration consultancy firm said in a report released on Monday that the number of US dollar millionaires and billionaires in India could grow by 80% over the next decade. In contrast, the number only increases by 20% in the US and 10% in European countries such as France, Germany, Italy and the UK.
“There is also a tendency for wealthy individuals to return to India, and as the country’s standard of living improves, we expect more wealthy people to return to India. The general wealth forecast for India is very strong.” We expect the HNWI population to grow by 80% by 2031, during which time India will become one of the fastest growing wealth markets in the world,” Amoils said in a statement.
He further said this increase in wealth in India will be driven by strong growth in the local financial services, healthcare and technology sectors.
Related item
Nearly four million passengers flock to the airport every day, half of which Indigo flies.
Maruti Suzuki recaptures lost market share as it gains most from economic recovery, broker says
Half of micro-loans have been denied since April, thanks to RBI’s new microfinance framework
[ad_2]
Source link
