Migration Trends: India Projects Outflow of 6500 HNWIs in Latest Henley Report

India is set to experience a net outflow of high-net-worth individuals (HNWIs) in 2023, ranking as the second-largest country for HNWI outflow globally. Despite this, the Henley report reveals positive projections for India's wealth market, with expectations of significant growth and a trend of affluent individuals returning to the country.

India is projected to witness a net outflow of 6,500 high-net-worth individuals (HNWIs) in 2023, according to the Henley Private Wealth Migration Report 2023.

This places India as the second-largest country in terms of HNWI outflow globally, following China (net loss of 13,500). The current projection indicates that the anticipated HNWI flight is slightly lower than the previous year’s net outflow of 7,500 millionaires.

Henley Report Highlights Wealth Migration Trends

The report, released on Tuesday by Henley & Partners, exclusively features the latest forecasts of net inflows and outflows of US dollar millionaires, as projected by global wealth intelligence firm New World Wealth.

For over a decade, New World Wealth has been tracking global wealth migration trends. The report ranks the United Kingdom (3,200) and Russia (3,000 vs 8,500 in 2022 following its invasion of Ukraine) in third and fourth place, respectively.


India’s Wealth Market Shows Strong Growth Potential

Given India’s capacity to generate new millionaires, the outflows are not considered particularly concerning. New World Wealth projects general wealth projections for India as very strong.

According to them, the high-net-worth individual population is projected to experience a remarkable 80% increase by 2031, positioning India as one of the world’s fastest-growing wealth markets during this period.

This growth will mainly be fueled by the thriving financial services, healthcare, and technology sectors within the country.

The trend of Affluent Individuals Returning to India

Interestingly, the firm has observed a notable trend of affluent individuals returning to India, and as the standard of living continues to improve, it anticipates a significant influx of wealthy individuals moving back to India in greater numbers.


Insights from Dominic Volek on Millionaire Migration Trends

Dominic Volek, Group Head of Private Clients at Henley & Partners, reveals significant insights into millionaire migration trends in India. Volek notes that recent and persistent turmoil has caused a shift, with more investors considering relocating their families for a range of reasons, including safety and security, education and healthcare, climate change resilience, and even crypto-friendliness.

He emphasizes the value of diversifying domicile portfolios as a hedge against both regional and global volatility.

Record-Breaking Demand for Investment Migration Programs

Henley & Partners received the highest number of investment migration program inquiries on record in the first quarter of 2023 — an increase of 36% compared to the previous quarter, and a remarkable 47% higher than the same period in 2022, which was itself a record-breaking year.

The top two nationalities currently driving demand are Indians and Americans, with Brits and South Africans remaining in the Top 10 as they have done for the last five years.



Despite the current outflows, India’s strong wealth projections and its potential for generating new millionaires indicate a positive outlook for the country’s wealth market. As India continues to attract investments in various sectors, the anticipated return of affluent individuals and the overall growth in high-net-worth individuals present promising prospects for the nation’s economic landscape.

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Manish Khandelwal
Manish Khandelwal

Manish Khandelwal, a travel-tech enthusiast with over a decade of experience in the travel industry. Founder and Editor-in-Chief of Travelobiz.com, he's passionate about writing.

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