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.
Esta historia es de la edición December 29, 2024 de The New Indian Express Kannur.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 29, 2024 de The New Indian Express Kannur.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Gukesh turns tables on Anish Giri in Tata Open
D Gukesh seems to be on a roll.
Impeached prez Yoon formally arrested, his supporters riot in court
HOURS after South Korea's impeached President Yoon Suk Yeol was formally arrested, triggering rioting by his supporters, his lawyers said on Sunday that he remains defiant in his refusal to answer questions over the probe into his declaration of martial law last month.
World No 1 An Se-Young lives up to billing at India Open
Pornpawee Chochuwong stood bemused in the middle of the court.
Govt to take full control of SmartCity Kochi, says Rajeeve
A MONTH after the appointment of a committee to finalise the contours of the withdrawal of Tecom Investments from the joint venture, the Kerala government is set to take over the SmartCity Kochi project in a move that enables the government access to the 246-acre IT park at Kakkanad.
Palestinians return to flattened homes
EVEN before the ceasefire deal between Israel and Hamas was fully in place Sunday, Palestinians in the war-battered Gaza Strip began to return to the remains of the homes they had evacuated during the 15-month war.
Thiruvabharanam procession to return from Sabarimala today
THIRUVABHARANAM procession to begin its return journey to Pandalam from Sabarimala temple here on Monday.
KaWaCHaM WEATHER ALERT SYSTEM TO BE COMMISSIONED TOMORROW
CHIEF MINISTER Pinarayi Vijayan will launch the Kerala Warnings Crisis and Hazard Management System (KaWaCHaM), developed by the Kerala State Disaster Management Authority, on Tuesday.
Budget 2025: Insurance sector expects incentives, innovation
THE insurance industry is expecting a host of policy measures from the forthcoming budget and topping the wish-list is ending the double taxation on pensioners, lowering, if not ending, GST on insurance, especially on health products, and a closure for the much-delayed insurance amendments bill that may likely bring in a composite licensing regime for the sector.
Killed Mom as Punishment for Giving Birth, Youth Tells Cops
SHOCKING information has come to light in the incident in which a 25-year-old youth hacked his mother to death at a relative's house at Puthuppady in Thalamassery on Saturday.
Crime Branch to Investigate Death of Tipper Lorry Driver
The investigation into the mysterious death of tipper lorry driver Mohammad Asheef has been transferred from the local police jurisdiction to the District Crime Branch.
