10 Wealthiest Indians Who Found Success But Left India

India’s economic story is full of contradictions. On one side, the country is celebrated as the fastest-growing major economy, with GDP growth of 8.2 percent in FY2023–24, powered by manufacturing and services. On the other side, its wealthiest citizens—the very people who build businesses, create jobs, and put India on the global map—are quietly packing their bags.

A joint survey by Kotak Private Banking and EY (2023) found that more than one in five ultra-high-net-worth individuals (UHNWIs), those with assets above ₹25 crore (around $30 million), are either migrating abroad or planning to do so.

This raises a serious question: if India is growing so fast, why are its wealth creators leaving?
The Kotak EY report highlights three major reasons:

1. A better quality of life and infrastructure abroad
2. Superior healthcare and education systems
3. Friendlier taxation, legal, and business environments

These are not just luxuries. They reflect frustration with India’s public services and policy framework.
Here are ten of India’s wealthiest business families and entrepreneurs who found success in India, but made their home elsewhere:
The steel tycoon, once the world’s richest Indian, runs ArcelorMittal, the world’s largest steelmaker, from London. His mansion at Kensington Palace Gardens is one of the most expensive homes in the UK.
The Hinduja family (Srichand, Gopichand, Prakash, and Ashok) built a $20 billion empire spanning oil, finance, and automobiles. Despite deep Indian roots, their base remains in London and Geneva.
Founder of Vedanta Resources, Agarwal moved his base to London in the late 1990s. His firm became one of the biggest global natural resources companies, listed on the London Stock Exchange before being privatized.

The late Pallonji Mistry, patriarch of the Shapoorji Pallonji Group, held Irish citizenship. His heirs, including Shapoor and Cyrus Mistry’s family, continue to manage businesses between Dubai, Ireland, and India.
The CEO of the Serum Institute of India, the world’s largest vaccine maker, lives partly in Pune but maintains a lavish lifestyle and real estate holdings in London and Dubai.
The chairman of Lulu Group International built his $7 billion fortune in the Gulf. Though technically an NRI, his success story reflects the Indian wealth shift abroad.
Founder of GEMS Education, the world’s largest private school operator, Varkey is based in Dubai and counts Bill Clinton and Bill Gates among his collaborators in education reform.
Founder and CEO of Zscaler, a global cybersecurity firm listed on Nasdaq, Chaudhry is based in California. Born in Himachal Pradesh, he moved to the U.S. in the 1980s and built multiple tech companies. Today, he is one of the richest Indian-origin entrepreneurs in America, with a net worth exceeding $17 billion.Once a luxury diamond merchant with stores from New York to Hong Kong, Modi fled to London in 2018 after a ₹13,000 crore fraud scandal. Despite his criminal status, his case symbolizes the flight of capital.
Another fugitive diamond trader, Choksi took citizenship in Antigua. Though disgraced, he represents how Indian wealth, even if ill-gotten, often finds sanctuary abroad.
Outward remittances under the Liberalised Remittance Scheme (LRS) touched $27.14 billion in FY2022–23, a 38% jump over the previous year. Much of this goes into foreign real estate, education, and residency programs-capital that could have been invested in India’s growth.

Meanwhile, FDI into India fell from $84.8 billion (2021–22) to $71 billion (2022–23).
India’s personal income tax for the super-rich peaks at 42.74%, among the world’s highest. In contrast, Dubai has zero income tax, while Portugal offers 10 years of tax exemptions under its NHR scheme.
According to the World Inequality Report 2022, the top 1% of Indians control 22% of national income, while the bottom half controls just 13%. Wealthy families prefer environments where inequality feels less socially volatile.
Henley & Partners report that 6,500 millionaires left India in 2023, second only to China. By 2025, this number may rise to 8,000 annually.

• 39 of the world’s 50 most polluted cities are in India
• Public healthcare spending is only 2.1% of GDP
• Education spending stands at 2.9% of GDP, far below the global benchmark of 6%

With 52 million pending court cases, civil disputes often last decades. For wealth creators, this is untenable compared to Singapore’s swift judicial system.

India ranked 96/180 in Transparency International’s Corruption Perceptions Index 2023. Sudden tax amendments, crypto bans, and regulatory hurdles further discourage wealthy entrepreneurs.

• UAE/Dubai – tax-free, luxury living
• Portugal/Greece – Golden Visa programs, favorable tax regimes
• Singapore – governance, education, healthcare
• Australia/Canada – safety, quality of life
• US/UK – global business and elite education access

India’s GDP is rising, unicorns are multiplying, and the world calls it the next economic superpower. But if its wealth creators are migrating, it signals a deeper structural weakness.

GDP numbers cannot hide polluted air, underfunded hospitals, clogged courts, and unpredictable taxes. Real progress is measured in trust, stability, and quality of life—not just growth percentages.

When the wealthy migrate, they do not just take their money. They take their confidence, networks, and investments. That’s not merely a personal choice. It is a national warning.