Winning Bizness Desk
Mumbai. China's business has not been good. China's millionaires have lost their lives due to the government's strictures on businesses and the sluggish economy. Whenever they get a chance, they leave China and live in other countries. This is confirmed by the Henley Private Wealth Migration Report 2023. The report says that China is number one in terms of millionaire citizens leaving the country. In the year 2023, 13,500 million Chinese citizens left the country. These citizens also took about 82,00,000 rupees with them. If we talk about India, the number of millionaire citizens who settled in other countries than India during this period is less than half of China. In the year 2023, 6500 millionaires of India will leave the country and settle in other countries. However, this number is 1,000 less than in 2022. According to the Henley Private Wealth Migration Report, 7,500 millionaire Indians decided to leave the country in 2022.
British millionaires also leaving country
It is not that only high net worth individuals from developing countries are leaving their country and settling in other countries. Britain is ranked third in the Henley Private Wealth Migration Report. After China and India, most British millionaires have left their country. The number of millionaires leaving the UK is 3,200 in 2023. Despite the war in Ukraine and economic sanctions, the rise in millionaire Russian citizens leaving the country has not been as high as was expected. In the year 2023, 3,000 millionaires left Russia and thus it is on the fourth place in the list of millionaires lost. Most investors are considering moving to another country for reasons such as family safety, punishment, health services, climate change and even a crypto-friendly environment.” The report said that several reasons such as high taxes in India and related to outbound remittances are forcing millionaire Indians to settle in other countries. According to the report, Dubai and Singapore are the first choice of bus for rich Indian families.