India is all set to record a mass exodus as thousands of wealthy Indians are in the process of leaving the country in 2023. While this exodus phenomenon occurs every year, the 2023 wave of migration from millionaires is not concerning as it was below the last year's tally. The primary target destinations for the migrating wealthy Indians are Dubai and Singapore. 

In what has become a major revelation, the mass exodus was brought to light by the Henley Private Wealth Migration Report 2023. According to the report that tracks global wealth and investment migration trends, India will lose as many as 6,500 high-net-worth individuals (HNWIs) this year. These HNWIs are individuals who belong to the financial services sector having an investible wealth of more than Rs 5 crore. 

While Dubai and Singapore remain the top destinations for wealthy Indians as per the report, several Indians are also preferring to settle down in Australia as the country will be welcoming over 5,000 millionaires from across the world this year. On the other side, the United Arab Emirates will welcome 4,500 millionaires, while Singapore and the United States will open their borders for 3,200 and 2,100 millionaires respectively. 

Apart from these countries, Canada, Switzerland, France, Greece, Portugal, and New Zealand are also on the wish-list of wealthy Indians and also regarded as some of the popular destinations for the millionaires globally. While India is second in the world to record such mass exodus of wealthy people, its neighbor China tops the table as it will witness the migration of 13,500 millionaires.

As per the data, the current number of mass exodus in India is lower than the last year. While it is expected that India will witness the exodus of 6,500 wealthy people this year, around 7,500 HNWIs left the country in 2022. On the other hand, the exodus won't be a big concern for India that has recorded a surge in the growth of millionaires. Last year, the HNWIs in India grew by four per cent to 3,19,900. 

While China and India fill the top two spots of the migration of millionaires this year, the UK ranks third with an estimated outflow of 3,200 HNWIs. As per the Henley report, India's HNWI population is projected to experience a remarkable 80% increase by 2031, which will make India as one of the world's fastest-growing wealth markets during this period. It has been reported that the growth of HNWIs in India will be accelerated by the surging financial services, healthcare, and technology sectors within the country.