Image Source: Forbes India
There’s been a noticeable trend lately that’s caught people’s attention. A good number of India’s richest individuals are moving away from global hubs like London and the US. You might expect that they’d be heading back to India, but surprisingly, very few are making that move. This has raised important questions about what’s driving these choices, and what it means for India.
What’s Happening With The Migration?
Reports say that in 2025, about 3,500 Indian millionaires will leave their current countries of residence. While that number is down a bit from previous years, the flow hasn’t stopped. London and the US have been losing wealthy Indian residents. Instead, places like Dubai, Singapore, and Portugal seem to be their preferred new homes.
One big name, Rajan Goenka of RPG Group, has spoken out about it. He noted that tax issues and safety concerns in London are prompting people to leave. Meanwhile, political preferences are steering some away from the US. But here’s the surprising part—none of the billionaires he knows who left have returned to India.
Why Aren’t They Coming Back?
Several things seem to be holding these billionaires back:
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Taxes and Regulations: India’s tax system has become stricter, making some feel it’s less attractive financially.
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Infrastructure and Comfort: Many feel India still lacks in some areas they consider important, like healthcare, education, and smooth daily life.
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Safety and Stability: Personal and political safety are concerns for some wealthy individuals thinking about where to live.
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Opportunities Elsewhere: With good business environments and lifestyles abroad, many find it simpler or more rewarding to remain overseas.
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Social Factors: Issues like societal divisions and bureaucratic hurdles also play their part in discouraging a return.
What Does This Mean For India?
Losing its wealthiest citizens isn’t just about prestige. It has real implications:
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Money that could help grow India’s economy is invested or spent elsewhere.
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The economy misses out on the expertise and innovation these individuals bring.
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Tax revenues suffer, which affects public services and development.
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The government faces pressure to rethink policies that may be pushing rich Indians away.
Voices From The Community
Business leaders and public figures are weighing in. Harsh Goenka has questioned why India’s richest won’t return. Some joke about crowded cities causing the exodus, while others are more serious, pointing to complicated tax rules and bureaucracy as reasons.
A Global Picture
This trend isn’t only about India. Wealthy people worldwide are moving to places with friendlier policies and appealing lifestyles. The UAE tops the list, offering no income tax and attractive residency programs. Globally, millions of high-net-worth individuals are on the move, seeking what suits them best.
What’s The Solution?
If India wants to change this story, it needs to focus on:
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Simplifying tax and regulatory systems for the ultra-wealthy.
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Improving infrastructure and quality of life.
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Offering incentives and residency benefits that compete with global peers.
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Building a more inclusive and stable environment that people want to call home.
In Short
The fact that so many wealthy Indians are leaving major hubs but not coming back home is a wake-up call. India has the talent and resources to grow, but if it can’t keep its richest citizens close, it risks losing out on their contributions. Fixing the underlying reasons will take work but is essential for the country’s long-term success.
Source: Economic Times, Hindustan Times, Business Today, Financial Express
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