Wealthy Indians leaving country to have better future in the Caribbean
UHNWI individuals are the ultra-rich people who make money out of their large scale businesses. As per the Wealth Report 2021, there are currently 5,21,653 UHNWIs globally.
Wednesday, 14th April 2021
India, a country of 1.3 billion people, is known for its massive population, cheap labour, diversification and most importantly, an enormous number of youngsters.
Although the country has so much to offer, it is missing out on several things making Ultra High Net Worth Individuals (UHNWI) and High Net Worth Individuals (HNWI) permanently move outside the country and escalate their businesses to reach new heights.
According to the United Nations, India had the highest diaspora(17.5 million) accompanied by Mexico and China in 2019.
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Why are Ultra High Net Worth Individuals (UHNWIs) leaving India?
UHNWI individuals are the ultra-rich people who make money out of their large scale businesses. As per the Wealth Report 2021, there are currently 5,21,653 UHNWIs globally, of which India has 6,884 such people. But, operating and doing business in India has become difficult with day, government's stringent policies and biased opinions for few corporate families.
As per the World Bank's "Ease of doing business rankings 2020," India stands 63rd. However, in 2015, the Government of India endeavoured at meeting the 50 top economies on the 'Ease of Doing Business ranking by 2020.
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UHNWI are opting for Citizenship by Investment Programmes to change their citizenship.
Prime Minister Modi led government tried to focus on all the fields measured by the World Bank, focusing on meeting taxes, selling across borders, and determining poverty, making a substantial leap upward.
Besides this, several other factors play a vital role in these UHNWI's leaving India for their greater good.
- Lack of government support: Most of the businesses in India lack government support; even though the government endeavours to create new policies to promote new businesses, massive corruption leads to regular failures in implementation.
- Political disability: India often experiences conflicts, insecurity, violence caused by poor governance, corruption & human right abuses, which makes establishing businesses difficult for safety and security or political freedom.
- Socio-Cultural Reasons: Even though India is a diverse country, there is still discrimination based on ethnicity or religion, making the UHNWI move to other countries to attain more freedom from discrimination.
- Environmental Reasons: Infrastructures lack safety and security because of massive corruption in sectors the administration fails to create safer societies and better infrastructures.
- Tax Fright: To meeting their monthly targets, Indian revenue officials often misbehave with business owners forcing them to displace to countries with much better tax reforms.
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