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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

The Uniform Civil Code (UCC) is not actually a ‘Uniform Civil Code’, but a ‘Control Code’ by the government: Abu Asim Azmi

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Mumbai: Addressing a press conference held at the Mumbai Marathi Patrakar Sangh, Abu Asim Azmi—the Maharashtra State President of the Samajwadi Party and a Member of the Legislative Assembly (MLA)—sharply criticized the central government’s proposed ‘Uniform Civil Code’ (UCC). He alleged that the UCC bill is not, in fact, a ‘Uniform Civil Code,’ but rather a ‘Control Code’ imposed by the government. During the press conference, Azmi questioned the deadline set for submitting objections and suggestions regarding the UCC bill. He argued that the current deadline—November 15—is insufficient and demanded that it be extended. Commenting further on the process, Azmi noted that citizens are being asked about their caste and religion when submitting their suggestions. Moreover, he pointed out that the questions included in the process are framed inappropriately. It is due to these irregularities and flawed methods that committee member Ashish Chauhan has resigned from the committee. Accusing the government of employing double standards regarding civil rights, Azmi stated, “When it comes to civil rights, the government is focusing its actions solely on matters related to religion.”

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Maharashtra

3 arrested for fraud in the name of investment in Mumbai share trading

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The Mumbai South Cyber ​​Police have taken significant action regarding a share trading investment fraud case. By arresting three suspects in Nagpur, the police claim to have solved six cases in Mumbai, as well as a total of 73 cases across various jurisdictions.

Between June 10, 2026, and September 8, 2026, a woman named Meera Iyer and her associates defrauded the complainant by enticing them with the promise of high returns through share trading investments. The complainant was persuaded to transfer a total of ₹5,872,410 into various bank accounts. A case has been registered at the Cyber ​​Police Station in Mumbai (Case No. 79/2026) under Sections 318(4), 319(2), 338, 340, and 61(2) of the Bharatiya Nyaya Sanhita (BNS), as well as Sections 66(C) and 66(D) of the Information Technology Act.

During the investigation, it was discovered that ₹2,475,000 of the defrauded amount had been transferred to a current account held at the Central Bank of India (Nagpur branch) in the name of a company called “Green Garden Delights Prali.” Based on technical analysis and data from the National Cyber ​​Crime Portal, the account holder—one of the suspects—was traced to Nagpur. On October 2, three suspects, including the mastermind behind the fraud, were arrested. The accused hatched a conspiracy: Aniruddha Oke and the primary ringleader, Amit Diliprao Kale, established a company named “Green Garden Delights” in the name of another accused, Rithik Shailesh Dhargave, by creating a fraudulent agreement. The ringleader, Amit Diliprao Kale, accessed and used a mobile phone registered to his accomplice, Rithik Dhargave, to facilitate the fraudulent operations; he also shared this mobile number with other associates to enable the online transfer of illicit funds—a fact revealed during the investigation. The following items were seized from the arrested individuals: 1) Checkbooks and passbooks for 11 different bank accounts; 2) SIM cards associated with 25 different companies; 3) Rubber stamps for 11 fictitious companies, along with 3 stamp pads; 4) Debit/ATM cards and QR codes; and 5) Documents and PAN cards belonging to these fictitious companies. The arrested individuals have been identified as: 1) Amit Diliprao Kale (age 34), residing at Plot No. 18, Watoda Road, Chetnishwar Nagar, Watoda, Nagpur; 2) Rithik Shailesh Dhargave (age 25), residing at New Indira Republican Nagar, Line No. 2, Jaripatka, Nagpur; and 3) Aniruddha Satish Oke (age 30), residing at Plot No. 3564 A/1, near Bodh Gaya Buddha Vihar, Saraswati Nagar, Jaripatka, Nagpur. The South Cyber ​​Police Station, Mumbai, has successfully arrested the main ringleader and two of his accomplices in connection with the aforementioned crime. This commendable operation was carried out under the leadership of Mumbai Police Commissioner Deven Bharti, Joint Police Commissioner Anil Kumbhare, and DCP Bajrang Bansode.

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Maharashtra

Encroachment removal drive completed in Borivali East, 27 commercial units demolished.

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On Wednesday, November 4, 2026, the Brihanmumbai Municipal Corporation (BMC) successfully completed an operation to remove encroachments from a plot of land located on Swami Vivekananda Road in Borivali East. This land is designated for a Brihanmumbai Electric Supply and Transport (BEST) bus depot. During the operation, a total of 27 commercial units were demolished. The encroachments were cleared from a plot spanning approximately 3,400 square meters—identified as ‘Plot No. 7B, City Survey No. 15’ under ‘Town Planning Scheme-2’—which is reserved for a BEST bus depot.

The operation was carried out by the BMC’s ‘R-Central Ward’ and involved engineers, along with 70 workers and staff members. Two JCB machines and four dumpers were utilized to demolish the illegal commercial structures. Police personnel were also deployed to maintain security throughout the operation.

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