I was looking for some information wealthy millionaires migrating from India and came across a couple of interesting articles on the subject. 5000 super rich Indians seem to have migrated out of the country according to this report.
It seems like a trend across many emerging markets where the wealthy prefer to live in countries that provide better business opportunities, safer environments taking not only their money but also employment opportunities for the youth from their nation with them.
These are not small numbers by any margin as HNWIs are considered to be people with a net worth of $1 million or higher. That's a big figure if you consider the gap between the rich and the poor especially in a country such as India.
The image is from this report which clearly states that over 100,000 HNWIs have migrated out of their country of origin seeking a better life.
It’s no secret that China has been a wealth creation machine over the past two decades. Although the country is still making a number of its citizens very wealthy, over 15,000 Chinese HNWIs still chose to migrate to other countries in 2018 – the most significant migration of any country.
I wrote a post 2 months ago asking if anyone here has moved to a different country. There are so many reasons for people to leave everything behind and move on.
Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country.
However, it's a loss for the country that loses these millionaires to another nation as the taxes it would've gained from their citizenship is lost.
Another reason why rich people move abroad is the taxation system here. The tax system in India is definitely problematic, for the lack of a better word. When wealthy people set up their businesses in other countries, they find a way to evade paying taxes in India, which, again is a huge blow to the economy of the country.
But it's not always so simple. Ease of doing business in India hasn't improved drastically in the last few years and it may require a lot more time. For many perhaps this is not worth the time and energy spent dealing with Indian bureaucracy and migration seems to be a better option.
As per 2018, India wasn’t in the top 50 countries in the World Bank’s Ease of Doing Business, and will probably go down if the wealthy people move their businesses in foreign countries.
Check out both the reports and lemme know what you think. But on a side note, it's incredible that so many rich people exist. I wonder how many of them hold cryptocurrencies today?
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