The other day, I was reading a report claiming >8,000 HNIs leaving India this year alone.
That’s optically a big number even if India produces more HNIs every year than the ones leaving.
I, being from India’s best finance & tax profession, am qualified to say that problem lies in our tax system.
An HNI, usually pays ~40-50% in income taxes. On top of this, also pays 18-28% in expense taxes via GST (Most luxury items are charged 28% GST).
Now, you can calculate the paltry income which is left with these people after taxes & why are virtually forced to leave the country irrespective of their patriotic feelings.
It’s like you’re breaking your back day & night to earn money not for yourself & family but for government. (Don’t judge my patriotism here).
In India, taxes are levied as dictatorship & collected as democracy.
All this time, the governments (irrespective of who is in the centre) fails to provide even basic social security.
