Indian billionaires are quitting the UK and US but none of them want to return to India, according to RPG Group Chairman Harsh Goenka.
“Most Indian billionaires are quitting London over tax and safety reasons and some are leaving America as they don’t like Trump,” the RPG Group Chairman posted on X, formerly Twitter. “They are eyeing Dubai, Singapore, Portugal, Switzerland—not one I know is thinking of returning to India as an opinion…”
“Why? That’s the question we need to search our hearts for.”
Actor Ranvir Shorey chose to respond: “Because it’s too overcrowded! More people need to become billionaires and leave!”
Tehnseen Poonawalla, venture capitalist and internet personality, believes it’s to do with “tax terrorism” and “GST extortion” and, of course, bureaucracy.
“I have been saying this continuously. If India wants to attract and retain HNIs (high net-worth individuals) and talent, we need less babus and an end to tax terrorism and GST extortion going on,” he posted in response to Goenka’s tweet. “We need to celebrate entrepreneurs without them being humiliated by babus.!”
Flight Risk
But forget about Indian billionaires heading back home, Indian millionaires are leaving the country in droves, second only to the Chinese and the British.
According to the Henley Private Wealth Migration Report, 5,100 Indian millionaires relocated abroad in 2023, and 4,300 likely did so in 2024, according to a Livemint report.
Still, India continues to produce more high net-worth individuals than it loses, and many of those who do move abroad retain business interests or investments back home. At the same time, Indians are increasingly building their wealth in India but prefer to invest and retire abroad, largely due to favourable tax regimes and investment avenues.
