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These claims are backed up by figures from Wall Street investment bank Morgan Stanley. A 2018 bank report found that 23,000 Indian millionaires have left the country since 2014. Recently, a Global Wealth Migration Review report revealed that some 5,000 millionaires, or his 2% of India’s total number of HNWIs, have left the country. Alone in 2020.
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why are they leaving?
According to H&P, Covid-19 is a major driver of the ongoing trend of wealthy Indians to “globalize their lives and assets.” That is why the company opened an office in India in the middle of last year’s lockdown to meet the growing demand.
“I think they [clients] We are starting to realize that we don’t want to wait for the second or third wave of the pandemic. They are sitting at home and want to have their paperwork. We call it an insurance policy or Plan B,” Dominic Volek, head of his group at Henley & Partners Private, told the BBC from Dubai.
Bob Dhillon, a Canadian-Indian real estate mogul and chief executive of Mainstreet Equity Corp, sees this as the third wave of immigration from India. India seeking better working and living conditions.
impact on us
“For India, which plans to reach a $5 trillion economy, the constant flow of wealthy Indians moving to or living in another country could be a concern. There is,” Sudhir Kapadia, national tax leader for EY India, told ET.
This outflow of large sums of money may not be permanent in nature. Rather than withdrawing all their money from their home country and severing business ties, people simply invest their money in another country as a fallback option. No, an expert told the BBC.
Andrew Amoyles, head of research at New World Wealth, a wealth intelligence group based in Johannesburg, told The Business Standard newspaper: – They have the means to leave, unlike middle-class citizens. ”
India also loses on the tax front when the rich leave.
For some businessmen who mainly deal with investment companies or are involved in international trade, not staying in India is part of their tax plan. to avoid staying in India.
“The main problem with many Indians obtaining residency in countries such as the United Arab Emirates and Singapore is the high personal tax rate in India,” said Saraswati Kasturirangan, partner at Deloitte India. told ET. “In India, there is a surcharge of 37% on the 30% tax rate, so the maximum marginal tax rate is as high as 42.74%. For tax purposes, the number of days you stay in the country is also important.”
rich people go here
US, UK and Canada are favorite destinations. The EU member states are popular among Indians, as are traditionally popular Dubai and Singapore. Singapore is a popular choice for digital entrepreneurs and family offices due to its strong legal system and access to world-class financial advisors, while the ease of obtaining and numerous options have made Singapore a Dubai Golden Visa for some circles. has emerged as the winner. Offers.
According to the Henley Private Wealth Migration Dashboard, the UAE is projected to have the largest net influx of HNWIs globally in 2022 (at least 4,000). Singapore is her third place behind Australia (3,500), with a projected net inflow of her 2,800 this year.
Israel ranks fourth with 2500 points, Switzerland ranks fourth with 2200 points and the United States ranks fourth with 1500 points.
ET Online
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