Mukesh Ambani may have denied the rumours of him shifting base to London with his family, but that’s not the case with other High Networth Individuals (HNIs) from India who have been surrendering their Indian passport for a few years now.
Since 2018, every year around 5,000-6000 millionaires have left India to settle in a western country. While India has been adding more millionaires than most other countries in the world every year, it’s also a fact that not all of them want to remain in the country that made them rich.
What is behind this exodus of the rich?
Losing Power Of The Indian Passport
Between 2014 and 2021, the Indian passport’s ranking fell from 76 to 90 on Henley’s Passport Index. The index ranks the passports of countries according to the number of destinations their holders can visit without a prior visa.
India, dropped 6 positions from its 84th rank last year, with just 58 countries allowing its…