According to the 2023 Henley Private Wealth Migration Report by Henley & Partners, India is expected to see a net outflow of around 6,500 High Net-Worth Individuals (HNWIs) in 2023. This classification includes individuals with an investable wealth of USD 1 million or more, which equates to approximately Rs 8.2 crore. This anticipated outflow, ranking India second behind China in losing the ultra-rich, follows a substantial outflow of 7,500 such individuals in 2022.
Top Inflows Destinations for HNWIs
The same report identifies Australia, the UAE, Singapore, the USA, and Switzerland as the preferred destinations for HNWI inflows in the coming year.
India’s Wealthy Population: A Comparative Study
Despite a significant outflow, India still holds the 10th position among the world’s wealthiest countries. The Indian HNWI community comprises 3,44,600 individuals, 1,078 centi-millionaires, and 123 billionaires. In comparison, China has 7,80,000 HNWIs and 285 billionaires, while the US harbors 52,70,000 HNWIs and 770 billionaires, despite having a population of only about 340 million people.
Novak Djokovic and Iga Swiatek Clinch Historic French Open Victory
The 2023 French Open bore witness to historic victories. Serbian Novak Djokovic cinched his third title at Roland Garros by overcoming Norwegian opponent Casper Ruud in straight sets. By securing his 23rd major men’s singles crown, Djokovic surpassed all previous records in the history of tennis. He also equaled Serena Williams’ record for the most Grand Slam titles won in the Open Era. Meanwhile, world number one player Iga Swiatek successfully defended her title at Roland Garros, recording her third French Open championship and fourth Grand Slam title.
Decrease in Remittance to India
India showed a substantial increase of 24% in inward remittances in 2022, reaching USD 111 billion and surpassing the World Bank’s estimated USD100 billion. This accounted for 63% of South Asia’s remittance flows, totaling USD176 billion. However, according to the latest Migration and Development Brief released by the World Bank, remittance flows to India are expected to rise by a mere 0.2% in 2023. This is driven largely by a slowdown in OECD economies, impacting migrant employment opportunities and wages.
Gabon’s First Agri-SEZ Project
Gabon’s first Agri-Special Economic Zone (SEZ) project was officially initiated by the Union Minister of Education and Skill Development and Entrepreneurship. This project will be executed by the AOM group, with Centurion University serving as the technical and knowledge partner. The initiative will see 30 farmers and 20 B.Sc./M.Sc. agricultural and B.Tech/M.Tech engineering students from India’s Gajapati district travel to Gabon as agri-technical and technical consultants for this project, fostering intercontinental collaboration and shared development.
