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.