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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

Opposition protests against the government for declaring Wari as urban Naxal

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Mumbai: On the fourth day in the Maharashtra Legislative Assembly, the opposition created a ruckus over declaring Wari as urban Naxal and has made serious allegations against the government of insulting Wari. On the fourth day of the Maharashtra Legislative Assembly, the opposition has made several serious allegations against the ministers of the government while protesting on the steps of the Vidhan Bhavan. The ministers included in the cabinet of the state government are misusing their powers and occupying government lands in the state.

Just as the ruling front is trying to defame the holy pilgrimage of Hinduism, Wari, by calling Vitthurai and Warkars urban Naxalites and urban Maoists, in the same way it is insulting Wari Palkhi. This is reprehensible. Members of the Maha Vikas Aghadi staged a strong protest on the steps of the Vidhan Bhavan against the ruling front and accused the government of insulting Wari. In this demonstration, the members also raised slogans cursing the government and said that due to the scamster government, farmers are dying of hunger and the ministers are calling the laborers urban Naxalites. Shiv Sena leader of opposition Ambadas Danve, Vijay Varditwar, Sachin Ahir, Jitendra Ahawat etc. participated in this protest.

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Maharashtra

Maharashtra Urdu Academy should be formed, funds and staff should be appointed for the promotion of Urdu language Abu Asim Azmi

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Mumbai: Mumbai Maharashtra Legislative Assembly member Abu Asim Azmi has demanded the immediate formation of Urdu Academy to promote Urdu. He said that academies of other languages ​​including Gujarati and Marathi are active, but the condition of Urdu Academy is pathetic. Earlier there were 25 employees in this academy, but now only the superintendent is left. The remaining 24 have retired. The government needs to pay attention to the plight of Urdu.

The formation of this academy will promote Urdu. Azmi demanded that the Urdu Academy is facing difficulties due to the provision of funds. He said that the government allocates Rs 1 crore on paper, but this fund is not provided. Abu Asim Azmi said that Urdu is the language of our country. Whenever the Chief Minister or any other minister speaks in the House, they resort to Urdu poetry. But when it comes to the establishment of Urdu Academy and the development of Urdu language, the government is doing injustice

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Maharashtra

On the third day of Maharashtra Assembly, the opposition protested against the corruption of Rs 3000 crore.

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Mumbai: On the third day of Maharashtra Assembly in Mumbai, the opposition accused the ruling party of corruption and protested on the stairs of Vidhan Bhavan, accusing the government of giving contracts to every company of its choice. The state’s construction and development department has given a contract of Rs 3000 crore to Mahagathbandhan government’s Megha Engineering Company. Many shortcomings have been found in the work of this company, but despite this it is dear to the government. Therefore, slogans were raised on the stairs of Vidhan Bhavan that giving contract to this company is condemnable. Opposition members were also holding banner posters of contractor Megha Engineering, in which the picture of the owner of Megha Company was also visible. The opposition has intensified its protest against corruption in the Mahagathbandhan government. Shiv Sena opposition leader Ambadas Danve, Congress members and all parties including Congress protested loudly on the stairs of Vidhan Bhavan and drew the attention of the government towards this.

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