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6,500 Millionaires May Leave India This Year

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India is projected to witness a net outflow of over 6,500 millionaires or high net worth individuals (HNIs) during 2023 claimed The Henley Private Wealth Migration Report 2023. This is slightly lower than last year’s net outflow of 7,5000 HNIs.

China to witness highest outflow of HNIs

According to the study, India is the second-largest country in terms of migration of HNIs, following that of China. In 2023 the report claims that the net outflow of millionaires from China will be at 13,500, which is higher than 10,800 estimated in 2022.

UK third on the list

The third in the list is The United Kingdom with an estimated net outflow of HNIs at 3,200. This is double from the previous year’s predictions of 1,600.

The Henley Private Wealth Migration Report 2023 that was released on Tuesday, forecasts the net inflow and outflow of millionaires based on the projections by global wealth intelligence firm New World Wealth.

Currently India has 3.4 lakh millionaires whereas China has 7.8 lakh millionaires.

Outflow of millionaires not particularly concerning

However, the report claims that according to India’s capacity to generate new millionaires, the outflow numbers may not be particularly concerning. India’s millionaire population is expected to see an 80 per cent jump by the year 2031, making India one of the world’s fastest-growing wealth markets during this period.

This remarkable growth would be on the back of thriving healthcare, technology and financial sectors within the country.

Additionally, amongst the top three countries in the list only India has seen a decrease in the net outflow of millionaires.

Trend of returning individuals

According to New World Wealth, there has been a notable trend of many affluent individuals returning to the country. However, the exact number for the same has not been provided in the report. But the report claims that with the improving lifestyle in India there is a higher possibility of such millionaires returning to India.

Australia on the other hand is expected to attract the highest net inflow of HNIs this year with 5,200 moving to the country against 3,800 from last year. UAE ranks second with an significant influx of 4,500 new millionaires this year after it saw a record-breaking new arrival of 5,200 millionaires in 2022. The third place is held by Singapore with a net inflow of 3,200 millionaires, its highest ever on record.

Maharashtra

Mumbai: CM Devendra Fadnavis, Ritu Tawde Congratulate Ashwini Bhinde On Becoming Mumbai’s First Female Municipal Commissioner

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Mumbai: In a historic development, Ashwini Bhide has been appointed as the first woman Municipal Commissioner of Mumbai, marking a significant milestone in the 160-plus-year history of the Brihanmumbai Municipal Corporation (BMC). Following her appointment, political leaders across party lines took to X (formerly Twitter) to extend their congratulations and express optimism about her tenure at the helm of the civic body.

Maharashtra Chief Minister Devendra Fadnavis congratulated Bhide, highlighting the historic nature of her appointment. He noted that this marks the first time in the BMC’s long history that a woman has been appointed to the top administrative post. He also conveyed his best wishes, expressing confidence in her leadership for the city’s governance and development.

Mumbai Mayor Ritu Tawde also lauded the appointment, describing it as a step towards capable and visionary leadership for the metropolis. Speaking about the felicitation ceremony held in honour of Bhide, which was attended by Deputy Mayor Sanjay Ghadi, Tawde emphasised Bhide’s extensive administrative experience, disciplined work approach, and strong decision-making abilities. She expressed confidence that Bhide’s leadership would provide a new direction to Mumbai’s governance and accelerate the city’s development.

Tawde further underscored the need for transparent, citizen-centric administration in a global city like Mumbai. She said that under Bhide’s stewardship, key sectors such as infrastructure, cleanliness, transportation, and overall quality of life for citizens are expected to witness positive transformation. She also called for collective efforts to meet the expectations of Mumbaikars and to build a cleaner, more modern city.

Shiv Sena (UBT) MP Priyanka Chaturvedi also extended her wishes, noting the symbolic significance of the appointment. In her post, she remarked that Bhide’s elevation breaks a long-standing barrier in the civic body’s history. She further pointed out that Mumbai now has women occupying key leadership roles, including the Municipal Commissioner, the Mayor, and the Leader of Opposition, all of whom have demonstrated their capabilities in public life.

Bhide’s appointment has thus been widely welcomed, with leaders expressing hope that her tenure will usher in a new phase of efficient and inclusive urban governance for Mumbai.

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Maharashtra

Mumbai Municipal Corporation collects record Rs 7,610.9 crore in property tax in financial year 2025-26

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Mumbai: The Tax Assessment and Collection Department of the Mumbai Municipal Corporation has achieved a record-breaking performance in terms of property tax collection this year. Breaking all previous records of property tax collection, the Municipal Corporation has collected property tax of Rs 7,610.90 crore against the revised target of Rs 7,341 crore set for the financial year 2025-26. It has also set a new record by collecting revenue of Rs 399.74 crore in a single day on March 31, 2026.

Municipal Commissioner Ashwini Bhide has heartily appreciated the officers and employees of the Tax Assessment and Collection Department for this remarkable achievement and appreciated their work. The Mumbai Municipal Corporation provides various civic services and amenities to the citizens of Mumbai. Adequate financial resources are required to enhance the quality of these services and ensure their effective implementation. In this regard, property tax is a very important, stable and reliable source of revenue. In this context, under the guidance of Additional Municipal Commissioner Dr. Ashwini Joshi, and under the supervision of Joint Commissioner (Tax Assessment and Collection) Mr. Vishwas Shankarwar and Tax Assessor and Collector Mr. Gajanan Belle, the Tax Assessment and Collection Department has made extensive efforts for the collection of property tax. Even after the success of the extensive and responsible work of the Municipal Corporation General Elections, all the officers and employees of the Taxation and Collection Department have worked with exceptional dedication, consistency and above and beyond expectations for the collection of property tax. This is indeed a special and highly commendable matter. Widespread awareness was created among the citizens for timely payment of property tax. To facilitate the payment of tax, the Citizen Facilitation Centres were kept open on public holidays as well as weekends and online payment facilities were provided. Along with this, effective follow-up was done for the collection of past dues, paying special attention to the big defaulters. All these measures have made the collection of property tax more efficient and faster. The Municipal Corporation had set a revised target of property tax collection of Rs. 7,341 crore for the financial year 2025-26. With the efforts of the officers and employees of the Tax Assessment and Collection Department and the cooperation of the citizens of Mumbai, the Municipal Corporation collected property tax worth Rs. 7,610 crore 90 lakh for the financial year 2025-26 from April 1, 2025 to March 31, 2016, which is 20163% of the total target. Along with this, Rs 301.13 crore has also been collected as additional fines. Considering the performance of the administrative division, during the financial year from April 1, 2025 to March 31, 2026, K East (Rs 719.23 crore), G South (Rs 670.64 crore), K West (Rs 622.16 crore), H East (Rs 577.16 crore) and West (Rs 577.7 crore) have collected Rs 57.8 crore. The highest collection of property tax was recorded.

*Property Tax Collected by Administrative Division in the Financial Year 2025-26

City Division
1) A Division – Rs. 270.7 crore
2) B Division – Rs. 473.1 crore
3) C Division – Rs. 901.4 crore
4) D Division – Rs. 299.53 crore
5) E Division – Rs. 150.8 crore
6) F South Division – Rs. 165.9 crore
7) F North Division – Rs. 157.76 crore
8) G South Division – Rs. 670.64 crore
9) G North Division – Rs. 251.17 crore
Total Tax Collected – Rs. 2,102.6 crore

Western Suburbs
1) H East Division – Rs. 572.78 crore
2) H West Division – Rs. 536.55 crore
3) K East Division – Rs 719.23 crore
4) K-West Division – Rs 622.16 crore
5) P-South Division – Rs 372.23 crore
6) P-North Division – Rs 277.22 crore
7) R-South Division – Rs 288.81 crore
8) R-Central Division – Rs 294.94 crore
9) R-North Division – Rs 97.41 crore
Total tax collected – Rs 3,721.33 crore
Eastern Suburbs
1) L Division – Rs 304.57 crore
2) M-East Division – Rs 113.93 crore
3) M-West Division – Rs 184.70 crore
4) N Division – Rs 242.30 crore
5) S Division – Rs 398.47 crore
6) T Division – Rs 213.44 crore Total tax collected – Rs. 1,457 crore 41 lakh

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Maharashtra

Maharashtra: No need to be afraid of SIR, Abu Asim appeals to the public, SIR needs time

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Mumbai: Maharashtra Samajwadi Party leader and Assembly member Abu Asim Azmi has appealed to the people to keep their documents ready instead of being afraid of SIR. The implementation of SIR was definitely announced from April 1, but the work of voter mapping has not been completed yet, so more time is needed for it, so there is no need for the people to panic. He said that there is a lot of hesitation among the people regarding SIR, so we met Election Commission officer S. Lingam on this issue. He said that 50 percent voter mapping has been completed so far because there were local BMC and Parishad elections here, so the electoral list is not completely complete, due to which time is still needed for SIR. He said that during the SIR survey, BLO and Election Commission officers will visit the house three times. The name related to the 2000 voting list will be searched. If the name is not included in this list, then the documents of your relatives and friends can also be registered. Apart from this, if you are not identified by them, then your name will be searched in the voters’ list of the village where you are from, i.e. Bengal or UP, and you can be included in the SIR on the basis of the testimony and documents of your relatives. Therefore, there is no need to panic. If your name is not identified in all these stages, then 11 documents are required, which include property to other documents. If these documents are presented, then inclusion in the SIR will be possible. Along with this, when the BLO visits your house three times, if you do not reach him even once, then after three times, a notice will also be given at your house. Along with this, your neighbors will also be questioned about it and then there will be progress in the action. Therefore, it is necessary to meet the BLO. Keep the documents they need ready. Many organizations are trying to complete this work. Similarly, we have also organized in Mankhurd Shivaji Nagar to guide the people and here too. Assistance is being provided in searching names from the voter list and preparing documents related to SIR. This work is also going on rapidly in the offices of Samajwadi workers. He said that the SIR process will not be started at present. As soon as this process starts, we will inform you, but the public needs to remain aware and be diligent about their documents.

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