About 6,500 Indian high-net-worth individuals are expected to move out of the country in 2023, according to the Henley Private Wealth Migration Report. The number is 13% less than that of 2022 when 7,500 high-net-worth individuals are estimated to have left India, the report said.

Investment consultancy firm Henley and Partners defines persons with investable wealth of $1 million (or Rs 8.22 crore) as high-net-worth individuals.

India is second on the list of exodus of high-net-worth individuals to China, which is likely to lose 13,500 such persons. The United Kingdom (3,200), Russia (3,000) and Brazil (1,200) are next on the list.

Source: Henley Private Wealth Migration Report 2023

The report said that prohibitive tax laws coupled with convoluted and complex rules on outbound remittances that are open to misinterpretation and abuse are among the problems that have triggered the migration of investment from India.

Dubai and Singapore remain the most preferred destinations for wealthy Indian families, the report added.

Andrew Amoils, head of research at New World Wealth, a global wealth intelligence firm, said that the outflow of high-net-worth individuals from India is not particularly concerning as the country produces far more new millionaires than it loses to migration.