Wealthy Exodus: 1 In 5 Rich People Want to Relocate Abroad

Wealthy Exodus: A survey has revealed that 22% of wealthy people in the country want to settle abroad for a better life, better education, and easier business opportunities. The United States, the UK, Australia, Canada, and the UAE are their preferred destinations. Most people don’t want to give up their Indian citizenship but are looking for permission to live in another country.

A survey by Kotak Private and EY revealed that many wealthy Indians are considering moving abroad. The survey talked to 150 wealthy individuals and found that 22% of them want to settle outside of India.

Reasons for Wanting to Move Abroad

There are several reasons why people want to move abroad. Some believe the standard of living is better in foreign countries. Health services and education are also better there. Some people want to move to make doing business easier. Countries like the UAE have a “Golden Visa” program, which makes it easier for rich people to settle there. As a result, these countries are becoming popular with wealthy individuals. According to the Ministry of External Affairs, about 2.5 million Indians move to other countries every year. This shows that many people are looking for better opportunities outside India.

One in Five Wealthy People Want to Move Abroad

In the survey, one in five wealthy people is either planning to move abroad or preparing to do so. Most of them do not want to give up their Indian citizenship. They just want permission to live in another country. The survey showed that people want to improve their quality of life. They seek better healthcare, education, and a higher standard of living. More than two-thirds of the people said that the ease of doing business was also a big reason for wanting to move.

Moving Abroad Seen as an Investment for the Future

Survey participants also saw moving abroad as an investment in the future. They want to provide their children with better education, which is one of the reasons they are choosing to move abroad.

Government’s Measures to Control Money Flow

Kotak Mahindra Bank’s chairperson, Gautami Gavanekar, said that moving abroad should not be seen as taking money out of the country. She explained that the government has made rules to ensure that not too much money leaves the country if someone settles abroad. For instance, any person living in India can only send up to $250,000 abroad each year. However, people who move abroad permanently can send up to $1 million. This rule ensures that too much money does not leave India.

This survey shows that wealthy Indians are looking for a better life abroad. They want better education, healthcare, and business opportunities. However, the government has put rules in place to make sure that not too much money leaves the country.