A recent survey has revealed that one in five means around 22% of ultra-high-net-worth individuals (UHNIs) in India is either in the process of moving abroad or planning to migrate soon. These ultra-rich individuals are seeking better living conditions, higher quality of life, and ease of doing business in foreign countries.
The survey, conducted among 150 UHNIs by Kotak Private in collaboration with consulting firm EY, found that the United States, United Kingdom, Australia, Canada, and even the United Arab Emirates—with its attractive ‘Golden Visa’ program—are the top destinations for wealthy Indians looking to relocate. However, most of these individuals intend to retain their Indian citizenship while residing permanently in their host countries.
The Times of Mumbai spoke with individuals whose family members are settled abroad or who are planning to migrate, to understand their perspectives on relocation. Here are some key insights from their conversations….
Zunaid Memon, Founder of Green TV, Nomad Films, and ARDEAF, shared his perspective, saying, “Every country has its own set of challenges. I believe it’s unfair to compare countries solely on the basis of living standards. For instance, Japan experiences frequent earthquakes—does that make it a bad place to live? Or Canada, where 90% of the population lives in just 10% of the land due to extreme weather.“
“I don’t believe in ‘my v/s your country’ comparisons. Yes it’s optional for people who can earn their bread anywhere in the world they should live there but not based on comparison!” he added.
Prashant Harnikar, a professional from Navi Mumbai, shared his perspective that anyone who gets an opportunity will choose to leave India. He emphasized that while people here work hard, they do not receive the facilities they deserve. “There are many reasons why people want to leave. Poor infrastructure and inadequate urban planning remain unresolved issues, leading to heavy traffic congestion. Additionally, the quality of education is subpar, affecting our lifestyle and future prospects. The burden of multiple taxes and widespread corruption further add to the challenges,” he said.
He further clarified that this does not mean a lack of patriotism. “We love our country, but we also want a better lifestyle, quality education, and improved infrastructure,” he added.
Javed Sheikh, an engineer based in the US, expressed a different view. “There are several reasons why people want to leave India. Despite working hard, we often don’t get to enjoy basic facilities. There’s the burden of multiple taxes, poor infrastructure, corruption, and increasing communal disharmony.
Here, we have access to free education for children, clean and well-maintained parks, law and order, security, and lower inflation. Of course, not every country is perfect, but if one gets an opportunity to live in a better place, then why not?”
Education & Business Opportunities Drive Migration
Many respondents cited better educational opportunities for their children as a key reason for their decision to move abroad. Commenting on the findings, Gautami Gavankar, Chairperson of Kotak Mahindra Bank, as appeared in the media, emphasized that relocating should not be seen as capital flight from the country. She explained that India imposes strict capital transfer limits to ensure that wealth does not leave the country entirely.
Gavankar pointed out that an Indian citizen residing in the country can transfer only up to $250,000 per year, whereas a non-resident Indian (NRI) is allowed to transfer up to $1 million annually. This regulatory framework ensures that even if individuals relocate, large-scale capital outflows do not occur.
Preferred Investment Option: Commercial Real Estate
The survey also highlighted investment preferences among India’s wealthy. According to the report, 45% of UHNIs favor commercial real estate as their top investment choice in India.
Migration Trends by Age and Profession
According to the survey, individuals aged between 36 to 40 years and those above 61 years are the most inclined to move abroad. Among professionals, the tendency to migrate is higher compared to entrepreneurs or their successors. This indicates that people seeking better business environments and operational conditions abroad see migration as a more favorable option.
