Indian Millionaires seeking wealth migration through Citizenship by Investment
Over 7,000 HNWIs have already migrated to other nations that offer ease of doing business and social security.
India: High Net Worth Individuals (HNWI) are among the substantial pillars of a healthy economy, contributing to national development and playing a pivotal role in uplifting GDP. The dilapidated conditions of ease of doing business in a country might make millionaires leave the country
According to AFRASIA’s Global Wealth Migration Review report, the most common reasons among HNWIs are Safety, Lifestyle (Climate, Pollution, Space, Nature), Financial Concerns, Schooling and Education for children, Taxes, Healthcare system, Standard of Living, Oppressive Government.
The report states that India has witnessed about 2% of the country’s millionaires outflow as in the year 2019, over 7,000 HNWIs left the country seeking a better lifestyle. Moreover, the report published by Morgan Stanley, Wall-Street Investment Bank, gives it greater authenticity. It revealed that over 23,000 Indian millionaires had left India since 2014 to search for a stable lifestyle.
The experts suggested that Indian millionaires are not outflowing higher amounts of money in the initial stage as the businesses they were handling in India are functioning as exact, which would merely make an impact on the Indian economy instantly. But, it would have a severe effect as generations pass on.
Source: Associate Times