Rishabh Shroff, Partner at Cyril Amarchand Mangaldas, shared insights into the rising trend of high-net-worth individuals (HNWIs) acquiring foreign passports and moving their wealth abroad.
India's wealthy leaving for better opportunities abroad. Rishabh Shroff discusses HNWIs acquiring foreign passports as departure impacts wealth management and economic policies
Shroff spoke about why India's wealthiest individuals are choosing to leave the country despite growing at a good pace at the India Today Conclave 2025.
In a session titled "A Case for Tomorrow," moderated by Siddharth Zarabi, Editor, Business Today, he shared insights into the rising trend of high-net-worth individuals (HNWIs) acquiring foreign passports and moving their wealth abroad.
Shroff highlighted that while the number of people leaving may seem small in a country of 1.7 billion, the impact is significant. These individuals are business leaders, job creators, and major taxpayers. Their departure raises questions about the future of wealth management, business opportunities, and economic policies in India.
During the discussion, Zarabi pointed out that doing business in India has become easier over the years. Yet, many second-generation business families and wealthy individuals continue to migrate.
Shroff confirmed this trend, saying, "I forget the exact number, but I think in 2023-2024, something like seven thousand people left India. These are your 1% or the 1% of the 1%. They are getting passports in Dubai, Singapore, the US, and the UK."
He also mentioned that former US President Donald Trump launched a "golden card" scheme specifically targeting such individuals, allowing them to obtain residency or citizenship in exchange for investment.
This, he said, is an example of how other countries are actively attracting India's top business minds and wealthiest citizens.
WHY ARE INDIA'S WEALTHY LEAVING?
Shroff explained that one major reason is global diversification. Many Indian HNWIs want to expand beyond the country’s financial markets and invest in international assets like private debt, cryptocurrency, and tech stocks such as Meta and Google. However, India’s regulatory framework makes it difficult to freely invest in such assets from within the country.
"No matter how diverse your India portfolio isequity, debt, or real estateyour exposure remains limited to India. These individuals want a global footprint," he said.
To achieve this, many are setting up family offices in places like Dubai and Singapore, which offer more flexible financial regulations. Some families even position their next-generation heirs in these countries to manage overseas investments.
HOW FOREIGN MARKETS ARE ATTRACTING INDIAN WEALTH
Countries like Dubai, Singapore, the US, and the UK have created custom schemes to attract wealthy Indians. These include:
Golden Visa and Citizenship by Investment Programs Offering residency or passports in exchange for investments. Tax-Friendly Regulations Lower tax rates and easier business laws compared to India.
Global Investment Access The ability to invest freely in tech stocks, crypto, and private markets. Shroff said that Dubai and Singapore, in particular, have become hotspots for Indian family offices, allowing them to park their wealth overseas while maintaining connections with their Indian businesses.
The migration of the ultra-rich could have long-term effects on India’s economy. These individuals contribute significantly to tax revenues, business growth, and employment. Their departure may lead to a shift in investment trends, with more wealth being managed from outside India rather than within it.
