A number of surveys have shown that rich Indians are leaving India. Many of them choose Singapore, Dubai, and Canada. Recently, reports are surfacing suggesting that billionaire Mukesh Ambani is setting up a family office in Singapore.
Riches Building Offices Outside India
Reports have suggested that Asia’s second wealthiest man, Mukesh Ambani, will soon set up a family office in Singapore; he has also hired a manager and ordered him to hire people for the new office.
He isn’t the only one to move abroad to set up his business. Before him, other wealthy people from India like Adar Poonawalla, Hinduja Group, and more have made lavish offices outside India.
The Reason And Its Impact
The main reason rich people move overseas is to avoid paying high individual taxes in India. There is a 37% surcharge levied over a 30% tax rate in India due to which wealthy people from India move to UAE or Singapore, where tax rates are less.
Also Read: Who Are 10 Most Richest Women Of India?
Reducing tax rates for individuals must be a priority because no one is willing to pay such huge amounts. If riches from India continue to go overseas it will negatively impact the nation because the wealth that was supposed to be in India, flows abroad.
Many also move overseas to understand foreign markets, build a good customer market for their services and products, and hope to dominate and grow their benefits.
Lastly, they earn a lot of money and hence, want to upgrade their standard of living. Foreign nations provide better health facilities, better education, and better earning opportunities which is why they tend to move out.
Where Do They Go?
The United States, the United Kingdom, Dubai, Singapore, and Canada are some of the favorite destinations where people go to set up offices.
Singapore is at the top for setting up family offices due to its strong legal system and easy access to world-class financial advisors. On the other hand, Dubai is also emerging as a favorable destination for a living due to the Dubai Golden Visa as it is easy to acquire and allows people to choose from several options.
Hence, the rich from India feel that it is beneficial for them to move overseas for many reasons mentioned above, and Singapore is definitely one of the places which is home to many family businesses, like Ambanis.
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