As of 2022, 8,000 HNIs (high net worth individuals) have left India. In terms of HNI movements, the nation comes in third place, after only China and Russia (15,050 and 10,000 respectively). HNIs are those with a net worth of $1 million or more.
Following India, with 3,000 and 2,800 millionaires each, Hong Kong and Ukraine lost the most millionaires. However, the UK also lost 1,500 millionaires during the course of the year, placing sixth overall. Millionaires migrated to the UAE, Australia, and Singapore, at a rate of 4,500, 3,500, and 2,800 respectively.
India generates more income than it expends.
The analysis suggests that India should not be as concerned about the movements of its millionaires as other nations are. More significantly, the 8,000 migrants barely account for 2% of India’s 357,000 HNIs.
Moreover, India is creating more millionaires than it is eradicating. According to the estimate, the HNI population in India would increase by 80% by 2031, making it one of the wealthiest countries in the world during this time.
Billionaires support India
Leading Indian billionaires have also been forecasting that India will succeed China Plus One, which has enormous potential to support global manufacturing while undergoing a significant green revolution.
The third-richest man in the world, Gautam Adani, predicts that within the next ten years, India’s economy will grow by $1 trillion per 12 to 18 months. The second-richest person in India, Mukesh Ambani, agrees that the Indian economy will expand by a factor of 13 to $40 trillion by 2047.