An estimated 6,500 high net worth individuals (HNWIs) are projected to leave India in 2023.
This number represents a decrease from the previous year’s net outflow of 7,500 individuals, according to the Henley Private Wealth Migration Dashboard 2023. HNWIs are defined as individuals with investable wealth of $1 million or more.
China is expected to have the highest number of HNWIs leaving the country, with approximately 13,500 Chinese millionaires seeking to relocate elsewhere in 2023. This figure surpasses the exodus of 10,800 individuals from China in 2022. Currently, China has a total of 780,000 HNWIs, while India is estimated to have 344,600 high net worth individuals.
The United Kingdom, Russia, and Brazil are also anticipated to witness significant outflows of HNWIs in 2023, with estimated numbers of 3,200, 3,000, and 1,200, respectively. Notably, the United Kingdom’s expected HNWI outflow is double that of the previous year, which 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 experience inflows of 5,200, 4,500, 3,200, 2,100, and 1,800 HNWIs, respectively.
The data, released by wealth intelligence firm New World Wealth, covers key countries across five regions globally and indicates a steady growth trajectory in millionaire outflows until 2020, when the COVID-19 pandemic disrupted migration patterns. However, recovery began rapidly in 2022, and the forecasts for 2023 and 2024 suggest continued growth. The projected global outflows of HNWIs for 2023 and 2024 are 122,000 and 128,000, respectively. Comparatively, a decade ago in 2013, the outflows stood at approximately 51,000.
Australia is expected to attract the highest net inflow of HNWIs in 2023, with 5,200 individuals choosing the country as their destination. The UAE, despite dropping to second place after its record-breaking influx in 2022, is still projected to receive a substantial net arrival of 4,500 new millionaires this year. Singapore ranks third with a net inflow of 3,200 HNWIs, its highest on record, followed by the US with an expected net influx of 2,100 millionaires.
Juerg Steffen, CEO of Henley and Partners, notes that there has been a consistent growth in millionaire migration over the past decade. Steffen adds that wealth migration trends are expected to revert to pre-pandemic patterns in 2023, with Australia reclaiming the top spot for net inflows, as it did for five years prior to the COVID-19 outbreak. Additionally, China is anticipated to continue experiencing the largest net outflows, a trend observed over the past decade. However, the UK and the US, which were previously top destinations for wealthy individuals, are now exceptions to this pattern.
Henley and Partners’ website highlights that affluent individuals rely on their expertise and experience in “residence and citizenship by investment” when considering migration options.