Many Ultra High-Net-Worth Individuals (UHNIs), or ultra-wealthy people, in india are either preparing to leave the nation or are already in the process of doing so, according to a recent survey.
According to a survey by Kotak Private Banking, a branch of kotak mahindra bank, at least 22% of UHNIs want to move overseas. About 150 UHNIs with net worths exceeding Rs 25 crore were interviewed for the survey, which was conducted in 12 cities during the first two quarters of last year.
Better living circumstances, increased tax benefits, and a more business-friendly climate are the primary drivers behind the relocation intentions. The United States, the United Kingdom, Australia, Canada, and the United Arab Emirates are among the countries that many of these UHNIs are searching for. Among this category, the UAE's Golden Visa program has grown in popularity.
The desire for a higher standard of living elsewhere is one of the main causes of this movement. UHNIs gave several reasons for thinking about the relocation, including improved healthcare, education, and a more hospitable business environment. It's interesting to note that many UHNIs stated a wish to keep their indian citizenship even if they intended to live outside.
It was shown that professionals were more likely to transfer than business owners or inheritors. According to the poll, UHNIs who were over 61 and between the ages of 36 and 40 were the most likely to depart India.
According to the poll, there were 2.83 lakh UHNIs in india in 2023, and their combined worth was Rs 2.83 trillion. By 2028, this figure is anticipated to increase to 4.3 lakh, with a net worth of Rs 3.59 trillion. UHNIs are diversifying their assets abroad, including in real estate, stocks, and other investments, according to the Kotak poll.
Gautami Gavankar, head of mahindra BANK' target='_blank' title='kotak mahindra bank-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra bank, stressed that the poll should not be seen as capital fleeing the nation, despite the fact that some people think this wealth exodus could indicate a slowdown in India's economy. The amount of money that a person can take out of india is restricted, which lessens the financial impact of such migration.
In conclusion, even if the poll indicates that a large number of ultra-wealthy people are thinking of relocating outside, the process is difficult, and India's general economic expansion keeps drawing in more UHNIs.
According to a survey by Kotak Private Banking, a branch of kotak mahindra bank, at least 22% of UHNIs want to move overseas. About 150 UHNIs with net worths exceeding Rs 25 crore were interviewed for the survey, which was conducted in 12 cities during the first two quarters of last year.
Better living circumstances, increased tax benefits, and a more business-friendly climate are the primary drivers behind the relocation intentions. The United States, the United Kingdom, Australia, Canada, and the United Arab Emirates are among the countries that many of these UHNIs are searching for. Among this category, the UAE's Golden Visa program has grown in popularity.
The desire for a higher standard of living elsewhere is one of the main causes of this movement. UHNIs gave several reasons for thinking about the relocation, including improved healthcare, education, and a more hospitable business environment. It's interesting to note that many UHNIs stated a wish to keep their indian citizenship even if they intended to live outside.
It was shown that professionals were more likely to transfer than business owners or inheritors. According to the poll, UHNIs who were over 61 and between the ages of 36 and 40 were the most likely to depart India.
According to the poll, there were 2.83 lakh UHNIs in india in 2023, and their combined worth was Rs 2.83 trillion. By 2028, this figure is anticipated to increase to 4.3 lakh, with a net worth of Rs 3.59 trillion. UHNIs are diversifying their assets abroad, including in real estate, stocks, and other investments, according to the Kotak poll.
Gautami Gavankar, head of mahindra BANK' target='_blank' title='kotak mahindra bank-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra bank, stressed that the poll should not be seen as capital fleeing the nation, despite the fact that some people think this wealth exodus could indicate a slowdown in India's economy. The amount of money that a person can take out of india is restricted, which lessens the financial impact of such migration.
In conclusion, even if the poll indicates that a large number of ultra-wealthy people are thinking of relocating outside, the process is difficult, and India's general economic expansion keeps drawing in more UHNIs.
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