The report of 4,300 millionaires leaving India:
The recent headlines on every major news article is ‘4,300 millionaires may leave India this year.’ Who is a millionaire? Millionaire is a person who has assets worth at least $1 million. $1 million in Indian rupees is somewhere about ₹8,43,00,000. But even this amount might not be sufficient in successfully shifting to a new country. These people are also known as ‘high net worth individuals’ and carry assets atleast worth $50 million to live a comfortable life in the new land. Over 4,300 such people plan to leave India this year and settle on a foreign land. But who says this? The report in this regard is published by Henley Private Wealth Migration Report 2024. The data is very interesting.
Below is the number of millionaires leaving their respected nation and moving to a foreign land.
The highest is China with 15,200 millionaires leaving the nation, followed by the UK and then on number 3 is India with 4,300 millionaires.
How is it concerning?
But if India is at number 3, why should we worry? That’s because the number of millionaires is way more in China and the UK than India. Below is the data which shows the total number of millionaires in every country.
The data easily answers our concern over the figure of people leaving the nation. According to the data, the United States of America has the most millionaires, followed by China, Japan, United Kingdom and France. In India, only about 8,00,000 people are high net worth individuals or millionaires whereas China has over 62,00,000 such people. Even though more millionaires are leaving China, it won’t be as concerning for China as it is for India. But where do these millionaires prefer to settle then? The top destinations are the UAE and the USA. But why are people leaving the country in which they became a millionaire? People of these countries believe that soon their country might engage in war, whereas the people of the English land believe that Brexit in 2016 was a big disaster for the UK and the economy of the UK will suffer in the coming years. ‘Taxes’ are also one of the main reasons for millionaires to leave their respective nations.
Problem with India:
What’s the problem with India then? It is believed that the tax slab in India is very high. People pay 30-35% tax on their incomes and what do they get in return? Do they really get the facilities they expect? The changing climate, which includes the increasing temperature, pollution, etc. are also a few reasons.
Conclusion and possible solutions:
So, it’s very concerning for a country like India. India is still a developing nation and hasn’t touched the level of having a million – millionaires. Thousands of millionaires leave the country every year and that’s very concerning for a country like India which is always trying to project a friendly image on a global scale. The only solution one can propose is ‘improving the quality of life in the country.’ Planting more trees, working on reducing pollution are some ways.
Sarthak Goel
Vice President
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