Rich Indians, having emotionally seceded from their country for some time now, are moving bag, baggage and business out of India, joining an elite international set.
For rich Indians, home is no longer where the heart is. India, for them, is now no better than real estate, subject to high levels of taxation with no commensurate public services to benefit from. For these fast upwardly mobile personalities, India is turning into an urban volcano ready to erupt. Whether it is superstars from the world of glamour or sports, these New Rich Indians of no fixed address have chosen the West and the Middle East as their final destination.
Joining this global superset is cricketer Virat Kohli and his wife, actor Anushka Sharma, and their children. According to reliable sources, most top Bollywood actors have already bought property in England, Singapore and Dubai, and they visit India only for work and very little leisure. There is hardly a corporate leader from India who doesn't own a home abroad. According to the Henley Private Wealth Migration Report 2024, 4,300 millionaires will leave India by the end of this year. Last year, 5,100 of them moved their homes from India.
Ironically, as India is heading towards becoming the world's third largest economy with a GDP of $5 trillion, the beneficiaries of India's growth story have chosen to dump their motherland and become part of the Delhi-Mumbai-Singapore-Dubai-London-New York power corridor.
It has now become fashionable for the Indian glitterati and chatterati to boast about their expansive homes in the UAE, Thailand, Bali, London and south of France, and lament about the worsening living conditions in Indian cities. The priciest apartments in Mayfair, London, are now owned by Indians who run telecom companies, airlines and steel plants in India.
This story is from the December 29, 2024 edition of The New Indian Express Kottayam.
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This story is from the December 29, 2024 edition of The New Indian Express Kottayam.
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