In recent years many rich people from India have been packing their bags and moving to other countries. This trend has caught a lot of attention and people are asking: Why are they leaving? Where are they going?
Why Are the Rich Leaving India?
Rich people often called High Net Worth Individuals – those with wealth of $1 million or more – are leaving India for many reasons. It’s not just one thing pushing them out it’s a mix of problems they face and better options they see abroad.
- Better Quality of Life: Many wealthy Indians want a better lifestyle. In India big cities like Mumbai, Delhi and Bangalore are crowded,polluted and noisy. Traffic jams poor air quality, and lack of good public services make life tough even for the rich. Abroad they find cleaner air safer streets and a calmer life. Countries like the UAE, Canada and Australia promise a higher standard of living which pulls them away.
- High Taxes in India: Taxes in India can be heavy for the rich. The government takes a big chunk of their income and there are strict rules about sending money out of the country. This makes it hard for them to grow or protect their wealth. In places like Dubai there’s no income tax and in Singapore taxes are lower and simpler. This is a big reason why they move – to keep more of their money.
- Education and Healthcare: Rich families want the best for their kids. They feel schools and universities abroad like in the US or UK are better than most in India. Also healthcare in other countries is often more advanced and easier to access.
- Business Opportunities: Some rich Indians are entrepreneurs or business owners. They find it easier to grow their companies abroad. Countries like the UAE and Singapore have simple rules for starting businesses friendly tax policies and a global market to tap into. In India they sometimes face too much paperwork, delays and uncertainty which frustrates them.
- Safety and Stability: Political stability and safety matter a lot to the wealthy. While India is growing fast some feel unsure about its future – whether it’s law and order pollution or economic ups and downs. Places like Switzerland or Canada feel safer and more predictable so they move there for peace of mind.
- Global Lifestyle: The rich often want to live a global life. They like the idea of traveling easily without visa hassle owning homes in multiple countries and being part of an international community. Countries offering Golden Visas – like the UAE or Portugal – make this possible by giving residency if you invest money there.
Where Are They Headed?
Where are these rich Indians going? Here are the top places they’re choosing:
- United Arab Emirates (UAE): The UAE especially Dubai is the number one spot. In 2024 around 4300 Indian millionaires moved there. Why? No income tax, luxury living and the Golden Visa program which gives residency for investing as little as $550000. It’s close to India safe and great for business.
- United States: The US is a dream destination for many. It’s got top universities a huge economy, and lots of opportunities. The EB-5 visa program lets rich people get a Green Card by investing $800000. Many Indian HNIs move there for their kids education and a global lifestyle.
- Singapore: Singapore is another favorite. It’s clean, safe and a big hub for business in Asia. Taxes are low and it’s easy to set up companies. Rich Indians like Mukesh Ambani who set up a family office there in 2022 see it as a smart place to manage their wealth.
- Australia and Canada: These countries are popular for their high quality of life and welcoming immigration policies. Australia expects thousands of HNIs every year while Canada offers programs like the Startup Visa for business minded people. Both have great schools healthcare and space to live comfortably.
- Europe (Greece, Portugal, Switzerland): Some rich Indians are buying homes in Europe. Greece’s Golden Visa which used to cost just €250000 was a steal until it went up in 2023. Portugal and Switzerland attract them with beauty, safety and a chance to live in Europe.
Is This a Problem for India?
Some say it’s not a big deal. India is making new millionaires faster than it’s losing them. In 2022 there were about 8 lakh HNIs in India and only a small percentage leave each year. Plus many who move still keep businesses or homes in India sending money back. But others worry. These rich people create jobs and pay taxes. If too many leave it could slow India’s growth.
The rich leaving India isn’t just about money – it’s about wanting a better life more freedom and a brighter future for their families. They are heading to places like the UAE, US and Singapore where they find what India sometimes lacks. While India is growing fast and creating new wealth it needs to fix things like pollution, taxes and infrastructure to keep its richest citizens at home.