THE COVID-19 PANDEMIC has forced a reshuffling of the wealthy Indian diaspora, with traditional Indian family-run businesses making way for the new gilded age of start-up entrepreneurs and technology-driven business models. The pandemic nudged many Indian families to rejig their personal investments and portfolios to tap into newer investment avenues offshore. This has led to a noteworthy rise in India Inc.'s aspirations to move beyond Indian shores, and create a global footprint. As a result, migrating to an offshore jurisdiction or having a foreign passport has become a trend across the spectrum. Many Indians have also sought to move a portion of their wealth overseas, or deploy such funds via their family offices (FOS).
In India, the rise of the FO phenomenon continues unabated, which is creating a rival pool of capital in the ecosystem compared to the more traditional private equity and venture capital funds.
The Indian government does not allow an Indian citizen to acquire dual citizenship, which impedes the desire of wealthy Indian residents, businesspersons and new-age entrepreneurs to have a global footprint and easy access to foreign shores. This desire was sharpened during the pandemic for a number of reasons, such as access to better healthcare overseas, lifestyle upgrades, diversification of assets globally, and so on.
Unsurprisingly, many Indian business families and entrepreneurs have chosen to become "global Indians" by surrendering their Indian passports to obtain citizenship in offshore jurisdictions. According to a recent survey, as many as 8,000 high-net-worth individuals (HNIS) are expected to leave India by the end of 2022. A staggering 390,000 Indians have renounced their citizenship in the past three years. This exodus amongst the ultra-wealthy has caught the eye of the government as well.
この記事は Business Today India の September 18, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Today India の September 18, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
