Making our country an attractive home for the wealthy will fast-track Viksit Bharat
But the Henley Private Wealth Migration Report 2023 brings some optimism to the table. It says that with annual exodus figures closer to 6,500, there was a dip in the number of Indian HNIs leaving the country. If this 'slowdown' continues, it could be another indicator of the India growth story.
Why? Decisions of HNIs to migrate are multifold. They are driven not just by personal or lifestyle preferences but also by a keen sense of where their wealth can be maximised. As they are the wealthiest in the country, they are more choosy, have greater expectations and can afford to relocate to places that offer them better living and economic conditions.
Paisa vasool: HNIs are always looking for opportunities of optimising wealth management and tax liabilities. Nations offering favourable tax regimes, sophisticated financial services and lucrative investment avenues naturally attract wealth. Sadly, some of our HNIs also depart to evade Indian tax and legal authorities.
Lifestyling: Contrast in living conditions — air quality, traffic management, public services, etc — between vast parts of India and developed nations is immense, even as noticeable efforts have been made to improve the situation. The global elite prioritise environments where their families can access world-class education, healthcare and lifestyle standards that include entertainment and culture.
In many developed countries, proactive municipalities work at continually improving public amenities and transportation, so that they become the preferred
