In a surprising turn of events, a lot of Indians decided to say goodbye to their Indian citizenship in 2023. Imagine a small city’s worth of people – over 216,000 – choosing to give up their Indian passports!
This big news came from Kirti Vardhan Singh the Minister of State for External Affairs.
Singh didn’t just talk about last year. He shared information about how many Indians have been leaving their citizenship behind for the past five years. He even went back as far as 2011 to show how this trend has been changing over time.
This information was given to the Rajya Sabha in India.
It makes you wonder: While India is rising still why are so many Indians choosing to become citizens of other countries? What’s attracting them elsewhere? Are they looking for better jobs, education, or a different lifestyle?
While we don’t know all the reasons, this story shows that a lot of Indians are making the big decision to call other places home. It’s a change that could affect India in many ways.
Popular Destinations: Countries like the United States, UAE, Canada, and Australia remained the top choices for those relocating, driven by favourable immigration policies and better living standards.
In addition to the above India is expected to see a notable exodus of wealthy individuals in 2024, according to the Henley Private Wealth Migration Report 2024. Key points include:
About 4,300 millionaires are predicted to leave India in 2024.
This slightly decreased from 2023, when 5,100 millionaires left the country.
Despite the decrease, India remains one of the top countries globally for high-net-worth individual (HNWI) departures.
Factors driving this migration include geopolitical tensions, economic uncertainty, and other unspecified reasons.
This ongoing exodus of wealthy individuals could have significant implications for India’s economy and investment landscape. The trend suggests that some of India’s richest citizens are seeking opportunities or stability elsewhere, which might reflect broader concerns about the country’s economic or political environment.
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