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There will be a big boom in the number of millionaires and billionaires in India over the next decade, according to the forecast high-net-worth-individual (HNWI) growth figures published in the latest Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide.
The number of dollar millionaires and billionaires will grow by 80 per cent over the next 10 years in India compared to just 20 per cent in the US and 10 per cent in France, Germany, Italy, and the UK, said the Q2 report released by international residence and citizenship by investment advisory firm Henley & Partners.
However, the latest projected 2022 net inflows and outflows of US dollar millionaires (the difference between the number of HNWIs who relocate and the number who emigrate from a country) forecast by New World Wealth and featured on the Henley Private Wealth Migration Dashboard show a net loss for India this year of about 8,000.
Andrew Amoils, Head of Research at New World Wealth, says these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration each year.
He added, “There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers. General wealth projections for India are very strong. We expect the HNWI population to rise by 80% by 2031, which will make India one of the world’s fastest growing wealth markets during this period. This will be fueled by especially strong growth in the local financial services, healthcare, and technology sectors.”
Nirbhay Handa, Group Head of Business Development at Henley & Partners and the Managing Director and Head of the firm’s Global South Asia team, says interest in investment migration opportunities across South Asia remained buoyant overall in the first quarter.
“Any kind of uncertainty, be it political, economic, or related to security, usually propels interest in the concept of residence and citizenship by investment, and this has been evident in Sri Lanka and Pakistan, where there has been much unrest over the past few months. What is more, the stark polarisation of politics in many developing countries, ongoing speculation about fiscal policies, and changing stances in bilateral trade relations with each new political term are exposing entrepreneurs to risk and leaving many unsure about what the future holds for their businesses. This has piqued their interest in diversifying their domiciles so that their futures are not dependent solely on geopolitical developments in their home countries.”
Singapore and UAE are the biggest wealth magnets.
The UAE is expected to attract the largest net inflow of HNWIs globally in 2022, according to forecasts on the Henley Private Wealth Migration Dashboard. Singapore is placed 3rd, after Australia, with expected net inflows of 2,800 this year (compared to predicted net inflows of 4,000 into the UAE and 3,500 into Australia).
Handa said in a statement that this is reflected in the enquiries and applications Henley & Partners is receiving for investment migration programme options. “We are also starting to receive considerable interest from families from across Asia who are looking to make Singapore or the UAE their established base. Countries that are providing excellent infrastructure for wealth preservation are likely to remain popular destinations.”
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