New Delhi:
22% of India’s richest people are now planning to settle abroad. According to the report of Kotak Private Banking and EY, one in every five high net worth individual (Ultra HNI) is either in the process of going abroad or is planning to settle there soon. The highest number of these is 36-40 years and the rich above 61 years of age. Also, people of professional category, businessmen and ancestral property are more keen on settling abroad than those who get ancestral property.
Which countries are choosing rich Indians?
The 150 rich Indians in the survey said that they want to settle in countries like America, Britain, Australia, Canada and UAE. Especially UAE’s Golden Visa program is attracting them, which allows rich people to live for long periods.
What is the reason for Indian nobles settling abroad?
Rich Indians are planning to go abroad for several reasons, including better living standard and modern lifestyle, good health services and high-quality education, favorable tax policy and business friendly environment. They are also shifting abroad due to global networking and investment opportunities.
Increasing number of rich in India
The number of ultra HNIs in India in 2023 was 2.8 lakhs, which is expected to reach 4.3 lakh by 2028. At the same time, their total assets are estimated to increase from Rs 232 lakh crore to Rs 359 lakh crore.
Threat of money going out of India?
Kotak Mahindra Bank Chairperson Gautami Gawankar said that settling abroad does not mean that the money will go out of India. He said that Indian citizens can send only US $ 2,50,000 abroad every year, while, an NRI is allowed to send out US $ 10 lakh. It is clear that even if someone leaves India, a large part of his property will remain in the country.