Why India’s Millionaires Are Leaving And Flocking To Dubai, Singapore

India’s millionaires are leaving and flocking to Dubai, Singapore

India’s millionaires are leaving and flocking to the U.S., Singapore or Dubai. One story I am telling it will be very cleare to understand, It’s been six years since Pramod Raj Shukla started running company, CR Technologies. He had created a lot of employment for freshers, offering over 600 jobs, but now it feels like things are slipping out of control. He always operated with a team of 100 employees, but since 2023, the market has been declining. From 100 employees, we went down to 75, then 50, and now only 16 people remain on the entire floor. And on top of that, the corporate ecosystem is not helping other. The companies they have worked with for a long time have frozen their requirements. No new requirements are coming from them.

Is India's High Taxation System Driving Business Owners Away?

For now, He could manage by bringing in new clients or new requirements, but He can no longer tolerate the Indian taxation system. India’s taxation is very high, friends, extremely high. But after paying taxes, are we getting a return on investment (ROI)? Here my entire concern that’s why India’s millionaires are leaving and then tell me if business owners like anyone, planning to leave India in 2024, are making the right or wrong decision. And if you think they are wrong, then tell me why, and what solution you see.

I’m not talking about those who are dishonest. Of course, they want to stay in India because they are getting many favours. The government is giving them a lot of leeway.

This year, 2024, according to New World Wealth or the Henley Private Wealth Migration Report, 4,300 HNIs are expected to leave India. So, you calculate again how many have already left and how many are going to leave. When India’s millionaires are leaving Now, the question arises: when political parties claim that India is the fifth-largest economy in the world and soon will be the third-largest, then why are these HNIs thinking of leaving?

And if you think it doesn’t affect you because your basic needs are met, think again, friends. The departure of these HNIs will have a massive impact on you, your family, your kids, your neighbours on everyone. Many people come to me saying they want to start a business and live a luxurious life as an entrepreneur. If you’re starting a business or working a job, read this article to understand the challenges in India.

The Exodus of HNIs: Taxpayer Flight and the Hidden Impact on India's Economy

Think about it—10,000 India’s millionaires are leaving in 2023–2024, and their collective net worth was ₹1.5 crores. They were clean taxpayers. Now that these HNIs have left, of course, they are no longer paying taxes here. The burden of taxation then falls on you and others. What do you think the government will say? No problem, let them go, it’s fine? No, the government needs money.

This is their hidden agenda—the treasury must stay full. If it runs out, how will they provide free electricity, free water, and other freebies? Every person, whether in a job or running a business, demands three crucial things if they are a clean taxpayer

Air Quality and the Dilemma of India's Middle-Class vs Millionaires

But for a middle-class family or a simple jobholder, they have no option but to live in this pollution because they can’t afford to leave India. Millionaires, however, will think about their kids' health, their future, and why they should stay in India. Why ruin their family's future? Let me share my example: I’ve lived in the U.S. and the U.K. When you breathe there, you can feel the flow of oxygen; it feels like it’s reaching all the way up from within. I’ve never felt that in India. I always feel a heaviness here, especially when I step outside and get stuck in traffic.

The Alarming Rise of Scams, Cheating, and Neglect in India: A Crisis Ignored

Scams and cheating have become normal in India, whether it's in the NEET exam or any other government exam. This time, the heat has broken all records, reaching 55 to 60 degrees Celsius. People are dying, but no one is talking about it. Today, scams and cheating have become normal in India, whether it's the NEET exam or any other government exam. Papers are getting leaked. There used to be a few areas or educational institutions where we believed cheating or scams would never happen, but now their authenticity is gone too. Cheating is happening everywhere, and no one is talking about it. So, why would people with money stay here and ruin their future and their family's future? Tell me.

The next point is the return on taxes.

Almost everyone is paying taxes, except for a few cheats. But where is the return? If you work, you'll have to pay taxes upfront with TDS deductions. But are you getting any ROI from that? Can you imagine drinking the water you use to bathe in? No, right? But you are paying water taxes, and on top of that, you're buying drinking water too. What’s the ROI here? There’s a water crisis in Bengaluru. Someone used to pay ₹800 for a water tank at his office, but now they are paying ₹3,000, with four tanks needed each month — that’s ₹12,000 just for water, apart from the taxes I’m already paying for it. In the UK and US, you can drink tap water it’s neat and clean. That’s why India’s millionaires are leaving.

When the government comes and says it has achieved this or that, I say, “No, you haven’t.” Every human has three critical needs: healthcare, education, and basic facilities. Look at the condition of government schools and hospitals. Would you want your child to study in a government school or be born in a government hospital? Absolutely not, because the facilities are terrible. Government promised ₹5 lakh worth of free healthcare, but did anyone get it?

Today, sending a child to kindergarten costs over ₹4 lakh, and delivering a child in a hospital costs ₹2-3 lakh. In the US, if you pay county and property taxes, your children get free education until 12th grade. But here, even the facilities you pay for are subject to scams. Let me give you an example. One of my known persons, He pay a ₹1 lakh premium for his car insurance annually. His car had an accident, and when it was hit from the back, He lost control and hit the divider, causing damage on both sides. But can you believe only one insurance claim was approved? They said the damage from losing control wasn’t covered since it was caused by him. Insurance people was also told you should have taken photos and videos right after the accident. Seriously? After an accident, He was supposed to take videos for the insurance claim? So, a simple question arises: where is the return on taxes? That’s why India’s millionaires are leaving.

That brings us to the third point: capitalism in India has reached a point where small business owners can’t survive.

There’s no communism, and the big players monopolize the market. Small businesses have no option but to sell out to these big players.

Now, who controls ventures, gas, energy, ports, airports, and government contracts? We all know the names. When big players dominate every sector, how can small businesses survive? These big players take on massive debt, and small business owners never get government funds. Eventually, these big players show losses and flee the country, like Vijay Mallya, Nirav Modi, Nilesh Parikh, and others. Their scams amount to billions. And who bears the pressure of their scams? Not the government, but the middle and lower-middle class, who face inflation as a result. It’s like if your house gets robbed, it impacts your ability to provide food, healthcare, and education, forcing you to start over.

Similarly, GST was implemented immediately, and even today, many don’t understand it. In 2024, a wrong exit poll announcement led to a stock market crash of over 4,000 points. Who suffered? Small businesses and people like you, not the big players who sold their stocks at high prices.

So, why should HNIs stay in India?

They’re migrating to countries that offer business setup visas, lower taxes, and a better quality of life. The UAE, Singapore, and many other countries are becoming hotspots for wealthy Indian families due to their golden visa programs, favourable tax environments, and peaceful living conditions. India’s millionaires are leaving in 2024 alone, 4,300 HNIs are migrating to the UAE.

Will their departure affect our economy? Some might say no, but the truth is, it will. As HNIs leave, inflation and taxes will increase, and the middle class will bear the burden. The Indian government must reform its tax policies, provide relief for HNIs, and maintain consistency in economic policies to prevent sudden disruptive changes. We need to promote communism to allow small businesses to thrive. Otherwise, the consequences will be severe for all of us.

Conclusion:

Why India’s millionaires are leaving and flocking to Dubai, Singapore due to facing challenges that India’s business environment presents ranging from high taxation to declining economic conditions have led many companies, including CR Technologies, to reconsider their future in the country. As thousands of HNIs and business owners explore relocation options to the U.S. or Dubai, it raises concerns about the impact on India’s economy. Addressing these issues with more supportive tax policies and economic reforms will be essential if India wants to retain its wealth creators.

So, I believe I’ve given you all the information. I hope you gain some information’s. If you did, don’t forget to like and share it. Stay tuned to our blog for regular updates and insights.

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FAQs:

Q: Why is India losing millionaires?

Ans: Millionaires frequently move for a variety of reasons, such as the standard of living, healthcare, and economic prospects. In addition to financial worries like taxes and retirement, there are safety and security issues. They also take into account aspects of lifestyle such as the environment, landscape, climate, and educational possibilities.

Q: How many crorepati left India?

Ans: An estimated 4,300 millionaires would leave India this year, according to the Henley Private Wealth Migration Report 2024. India continues to rank among the top countries in the world for high-net-worth individual (HNWI) departures, even if this is a decline from the 5,100 who departed in 2023.

Q: Will India ever get rich?

Ans: Similar concerns are expressed in a recent World Bank report. According to the World Development Report 2024, India will take 75 years to catch up to the United States in terms of per capita income at the current rate of growth.

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