India is lauded as the world’s fastest-growing major economy, with an impressive 8.2% GDP growth in FY2023–24. Yet, a striking trend is emerging — a rising number of ultra-rich Indians are choosing to migrate. A joint Kotak-EY report finds that over 20% of ultra-high-net-worth individuals (with assets above ₹25 crore) are planning to leave the country.
Why are India’s wealth creators turning away? The answer lies in persistent gaps in quality of life, infrastructure, healthcare, education, and a convoluted tax and legal environment. Despite economic progress, India struggles with pollution, underfunded public services, and a sluggish judiciary. High-income individuals face steep, inconsistent taxes and policy unpredictability, prompting them to seek more stable environments like Dubai or Portugal.
This isn’t just a personal choice — it’s a national concern. When the wealthy exit, they take with them capital, innovation, and job opportunities. In FY2022–23, Indians sent $27.14 billion abroad, weakening domestic investment. With nearly 6,500 millionaires leaving in 2023 alone, India ranks second globally in millionaire outflows.
The real crisis lies in the disconnect between rapid economic growth and everyday realities. India’s development model must evolve to offer not just numbers, but meaningful, inclusive progress. Retaining its brightest and wealthiest requires urgent reforms in governance, infrastructure, and institutional trust.