A shocking revelation came to light in a survey on Wednesday. According to the survey, at least 22 percent of wealthy Indians want to leave the country due to reasons such as living conditions here, a better standard of living abroad, and an easy business environment in other countries. This survey was conducted among 150 ultra-rich individuals (UHNI). According to the survey, the US, UK, Australia, Canada, and even the United Arab Emirates (UAE) are the preferred destinations due to their Golden Visa schemes, where rich people want to settle. Shocking revelation in survey: 22 billionaires leaving India and settling in another country.
The country’s leading asset management company, Kotak Private, has conducted this survey in collaboration with consultancy company EY. According to the Ministry of External Affairs, 2.5 million Indians migrate to other countries every year. The survey findings said, “One in every five ultra-rich people surveyed are currently in the process of migration or are planning to migrate.” The survey also said that most of them want to reside permanently in the host country of their choice while retaining their Indian citizenship.
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Rich Indians willing to leave the country to improve living standards
The survey said they want improved living standards, healthcare solutions, education, or lifestyle. More than two-thirds said smoothening business operations is the top priority for them. Describing the decision to migrate as an “investment in the future,” the survey also revealed their motto. They said that seeking good higher education for their children motivates them to make this choice.
However, Kotak Mahindra Bank Chairperson Gautami Gavankar said the decision to move should not be seen as capital flowing out of the country. She said imposing limits on such activities ensures that money does not go out even if a person changes his or her place of residence.
People in the age group of 36-40 and above 61 years have the highest desire to leave the country.
He said that an Indian citizen living in India can take out only US $250,000 per year from the country. While a non-resident Indian (NRI) is allowed to take out $1 million. This ensures that there is no major flight of capital. The survey says that professionals are more inclined to leave the country than entrepreneurs or their successors. From the age group perspective, people in the age group of 36-40 years and above 61 years are more inclined to migrate.
In 2023, there were 2.83 lakh Indians who have been termed as UHNI. Each of them has a total wealth of more than Rs 25 crore, and their total wealth is estimated at Rs 2.83 lakh crore. According to the survey, by 2028 this number will increase to 4.3 lakh. They will have assets worth Rs 359 lakh crore.
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