April 5, 2025

In sum, 1,63,370 Indians renounced their citizenship in 2021. Although this has been linked to a backlog created by the Covid-led recession, many of those looking for new homes are those who have accumulated enormous wealth in India. According to appearances, the highest-paid people in India shouldn’t have many reasons to leave their affluent lives behind.
India is going through a substantial loss. In 2021, a record number of Indians renounced their nationality. Indians, including the incredibly affluent, are rushing out of the country at the fastest rate in the past five years.
In contrast to this, the government’s assertions of higher living standards, strong economic growth, business accessibility, and unheard-of potential appear to be false. The fact that even well-off people occasionally have to move indicates that not everything is as it seems.
It’s worthwhile to take a step back and explore world millionaire migration statistics and how things are evolving this year before delving into the country-specific data.
As a result of pandemic-related lockdowns that prevented people from leaving their home countries—and occasionally, their homes generally — 2020 saw a sharp decline in the number of billionaire migrants.
However, the emigration of millionaires is starting to pick up momentum regained as limitations are relaxed and countries open up their borders once more:
Year
Number of HNWIs that migrated
Y-o-y change
2018
108,000
14%
2019
110,000
2%
2020
12,000
-89%
2021
25,000
108%
2022P
88,000
252%
2023P
125,000
42%
Extremely wealthy people frequently move across countries for a variety of reasons. It should not be surprising that Russia and Ukraine are predicted to have among the highest emigration rates by the end of 2022 because one of them is escaping conflict.
The top 10 countries by wealthy emigration are as follows:
Country
HNWI net outflows projected for the country (2022)
HNWIs lost percent 
Russia
15,000
15%
China
10,000
1%
India
8,000
2%
Hong Kong
3,000
2%
​Ukraine
2,800
42%
​Brazil
2,500
2%
UK
1,500
0%
Mexico
800
0%
Saudi Arabia
600
1%
Indonesia
600
1%
While 15,000 millionaires are anticipated to leave Russia, 42% of its HNWIs are anticipated to do the same by the end of 2022, making Ukraine the country with the biggest percentage loss.
An estimated 10,000 fewer millionaires could live in China, which could lead to a major decrease in that demographic.
wealth emigration

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