New trend of affluent migrants returning to India: Report

“India-US relationship is critical and pivotal and the most defining partnership of the 21st century,” says leading advocacy group

Indian immigrants across the globe continue to be one of the fastest growing immigrant communities. In fact, in the US, according to Migration Policy Institute (MPI) tabulation of data from 2021 US Census Bureau, India was the second largest country of origin for lawful permanent residents or green card holders after Mexico.

While these statistics from the past several years have been pointing towards an increased interest amongst Indians seeking beneficial immigration opportunities especially on investment-based visas, a latest report may be pointing to a slight dip in the trend.

READ: New bill eliminates country caps for green cards; reforms H-1B program (May 11, 2023)

The Henley Private Wealth Migration Report is an annual comprehensive report that tracks wealth and investment migration trends worldwide. According to their recently released 2023 report, India is projected to witness a net outflow of 6,500 high-net-worth individuals (HNWIs) in 2023.

This number places India as the second-largest country in terms of HNWI outflow globally, following China (net loss of 13,500). The current projection indicates that the anticipated HNWI flight is slightly lower than the previous year’s net outflow of 7,500 millionaires.

The report exclusively features the latest forecasts of net inflows and outflows of US dollar millionaires, as projected by global wealth intelligence firm New World Health, which has been tracking global wealth migration trends for over a decade.

The report further ranks UK (3,200) and Russia (3000 ¬vs 8,500 in 2022 following its invasion of Ukraine) in 3rd and 4th place respectively.

Given India’s capacity to generate new millionaires, the outflows are not considered particularly concerning. New World Wealth projects general wealth projections for India as very strong.

According to them, the high-net-worth individual population is projected to experience a remarkable 80% increase by 2031, positioning India as one of the world’s fastest-growing wealth markets during this period.

Read: Indian Americans for employment-based green cards sans country caps (May 3, 2023)

This growth will mainly be fuelled by the thriving financial services, healthcare, and technology sectors within the country.

Interestingly, the firm has observed a notable trend of affluent individuals returning to India, and as the standard of living continues to improve, it anticipates a significant influx of wealthy individuals moving back to India in greater numbers.