Opinion
Mint Quick Edit | Why are so many wealthy Indians leaving?
Summary
- A survey by Kotak Private Banking found that a fifth of India’s ultra high net-worth individuals are either on their way out or plan to. Embarrassing as this is, we need a clear grasp of both push and pull factors behind this.
One in every five ultra-high net worth individuals in India is either in the process of migrating overseas or plans to, according to a survey by Kotak Private Banking, a unit of Kotak Mahindra Bank.
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Its study found a higher propensity to migrate among professionals than entrepreneurs or those who inherited their wealth. Also, the rich aged between 36 and 40 years were more likely to pack up and leave, as well as those above 61. The preferred destinations included the US, UK, Australia, Canada and the UAE.
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The motives are many, such as their quest for an improved standard of living in general or better healthcare, education and lifestyles in particular, as the survey found. While India has been making leaps in many spheres, it is embarrassing that so many of our best placed are looking to depart.
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This may be a result of the quality of life failing to rise along with our economy. High pollution, overcrowding, unclean cities and other frustrations are probably some of the push factors at play. India’s world-beating GDP growth rate must translate to more comfortable lives for everyone at some point. The balance of people wanting to enter or exit is an informal but telling indicator.
