8000 rich Indians will leave the country this year? many reasons for disillusionment
Thousands of rich people of the country are preparing to go abroad for various reasons. This includes entrepreneurs, corporate executives and job seekers. A report a few days back also claimed that around 8000 rich Indians (Indian HNWIs) would leave the country this year. Now the question arises why these rich have become disillusioned with India, that too at a time when India has become the fifth largest economy in the world.
Because of this, looking for alternatives
On one hand India has emerged as the fastest growing economy in the world. The country has also been better than other countries in coming out of the outbreak of Corona. In such a situation, this news is a bit shocking that thousands of rich people of the country are preparing to settle in other countries of the world. According to a report, various sources of income, business expansion and better quality of life have prompted these wealthy people to look abroad and set up alternative residences.
Experts said this is the big reason
However, the report clearly states that this does not mean that India is no longer an attractive destination. The country has earned the tag of being one of the fastest growing major economies in the entire world and has been successful in attracting foreign investors.
Some immigration and visa advisories say investing a few million dollars in another country gives you permanent residency, so the issue is appealing to the wealthy. One of the biggest reasons traders feel safe is to have an alternate base as a backup. It states that if there is an epidemic tomorrow or something else happens, he wants permanent residence abroad. On the other hand there is also the possibility of political crisis or war. So in such times 70-80 percent of the people have prepared alternative housing option for themselves and they are ready to come here in case of any major disruption. ,
There are many such examples in the country
Some examples are also given in the report. In which it has been told about the businessmen leaving India and settling abroad. Said about Neeraj Kanwar, Vice Chairman and MD of Apollo Tires, who moved to London in 2013. Kanwar, 51, said that if I lived in India, I would have only one Indian company that looked only at the Indian market. Today, while India is facing challenges on inflation and oil prices, Europe is also facing challenges, but pulling a huge profit for the company.
Similarly, Eicher Motors MD and CEO Siddharth Lal shifted to London in 2015. Hero Cycles Chairman and MD Pankaj Munjal also stays in London for nine months a year to focus on the European e-bike market. Serum Institute of India CEO Adar Poonawalla continues to travel between London and Pune. The list also includes the name of Indian businessman and Mahindra Group Chairman Anand Mahindra, who is known to spend most of his time abroad. The report left unanswered questions about his choice to live abroad.
8,000 rich Indians may leave the country
A recent Henley Global Citizen Survey report claims that young tech entrepreneurs are moving towards global business and looking for better investment opportunities. It was said that by the end of this year 8000 Indians considered super rich may migrate from India. According to the survey, crorepatis who are considered rich from India in the year 2022 can do so due to the country’s strict tax and passport rules. This number is the third highest globally after Russia and China.
This country is becoming the choice of Indians
According to the report, most of the world’s rich are coming to the United Arab Emirates, Australia and Singapore. According to data provided in the report, more than 9,00,000 people out of India’s total population of 1.3 billion have surrendered their passports from 2015 to 2021. Although this is a small percentage, the worrying thing is that this number is increasing every year. According to a ranking by Henley & Partners, Singapore and the UAE are currently the best options for wealthy businessmen. The US, Australia and Canada are the top destinations for Indians seeking foreign citizenship, according to Indian government data.