Why Are India’s Rich Leaving the Country That Made Them Rich?

India’s economy in 2025 looks unstoppable. The country has officially become the world’s fastest growing major economy, clocking an impressive 8.2 percent GDP growth in FY 2024–25. From thriving manufacturing units and expanding exports to a booming digital services sector, every indicator suggests that India’s rise is real. New highways, airports, and billion-dollar startups are reshaping the nation’s future. The world sees an economic powerhouse in the making.

But behind this success story lies an uncomfortable truth. Many of the people who helped build this growth — the entrepreneurs, business families, and investors who define modern India — are quietly moving out. A recent survey by Kotak Private Banking and EY found that one in every five ultra-rich Indians, those with assets of more than ₹25 crore, have already shifted abroad or are planning to do so soon. These are not just individuals chasing luxury lifestyles. They are wealth creators who powered India’s economy, now looking elsewhere for stability, trust, and opportunity.

Their departure raises a big question — if India is growing faster than almost every other nation, why are its wealthiest citizens leaving?

A survey by Kotak Private Banking and EY in 2024 found that one in five ultra-rich Indians (those with net worth above around ₹25 crore) say they are already emigrating or are actively planning to do so. T

According to the Henley & Partners “Private Wealth Migration Report 2025”, around 142,000 millionaires worldwide are expected to relocate in 2025.

For India, the report projects a net loss of about 3,500 millionaires in 2025.

The report estimates that these departing millionaires from India carry about USD 26.2 billion of wealth with them.

Here are the main reasons wealthy Indians say they are looking abroad.High personal tax rates, frequent policy changes, and regulatory shifts make long-term planning difficult. Many feel that their hard-earned wealth is at risk if the rules keep changing.

The survey by Kotak/EY found that 44% of ultra-rich respondents cited “better education opportunities abroad” as a key reason.

Families are looking for places where their children have global exposure, and where business expansion abroad is easier.

Wealthy families mention cleaner air, safer neighbourhoods, better healthcare, infrastructure they can trust. Cities like Dubai, Singapore, London are becoming more attractive for these basic needs.

Despite improvements in India’s “Ease of Doing Business”, many entrepreneurs say they still face red tape and regulatory unpredictability. Abroad they often find clearer laws, more predictable systems.

Many ultra-rich individuals are building secondary homes abroad, holding foreign investments, planning for global citizenship. The Kotak/EY report found many already “acquiring residential real estate overseas as part of their migration and permanent residency plans”.

The popular destinations include:

• United Arab Emirates (UAE) — particularly Dubai, thanks to zero personal income tax and a strong expat ecosystem. The Henley report projects a net inflow of 9,800 millionaires into the UAE in 2025.
• Singapore — praised for stable governance, investor-friendly policies, and geographic proximity to India.
• United Kingdom, United States, Australia — sought by families for global education, business opportunities and long-term residency.

When its wealthiest citizens leave, India loses more than money:

• The tax contributions they would have made.
• Their investments and business growth inside India.
• Their philanthropy, mentoring, networks that fuel innovation and job creation.
  
  Symbolically, too, it sends a message: if the people building the economy feel uncertain, others may follow.

India is still building highways, digital infrastructure, billion-dollar startups and growing fast. But for many of its richest, growth is not enough. They want trust, clarity, stability, the freedom to operate and plan.

So here’s the real question: What will make them stay instead of leaving?