India’s richest are checking out: One in 5 planning exit, warns Sanjaya Baru

A new elite exodus is gripping India, a class once celebrated as the achievers is quietly migrating abroad. Secession of the Successful, by policy commentator Sanjaya Baru, paints a stark picture: the rich are not just leaving India—they’re pulling away from the idea of India itself.

Baru argues this is not business as usual—this is the “fourth wave” of emigration: a “secession of the successful.” Unlike earlier generations who left for skilled work, today’s elite—including the children of wealthy families, high‑net‑worth individuals, and socially powerful citizens—are choosing to settle abroad for better lifestyle and political security.

The figures are alarming. In 2022, 2,25,260 Indians renounced their citizenship, followed by 2,16,219 in 2023—a sharp rise from 1,29,234 in 2014. Between 2011 and 2023, nearly 1.9 million Indians formally gave up their nationality. The government may tout this as evidence of a vibrant global diaspora, but Baru sees it as a symptom of something far more disturbing.

He offers four categories of emigrants:

• The fugitives from law or scandal.
• First-generation wealthy cautious of current political-bureaucratic systems.
• Those seeking to de-risk from economic or regulatory instability.
• Individuals yearning for a better quality of life and world-class infrastructure.

Furthermore, while Indian industry lobbying often pushes for protectionist policies, the same business leaders appear to facilitate capital flight—keeping wealth sheltered from competition at home and then exporting it abroad.

Between 2014 and 2022, Indian billionaires’ net wealth surged 280%, nearly ten times India’s national income growth. Despite this, Mietic reports suggest 23,000 Indian millionaires have left the country in that period, motivated by increased mobility and global connections.

Baru warns that India—still a capital-deficit, developing economy—cannot afford to lose its intellectual and financial assets. He urges policymakers to create incentives for return, or at least to stem this outflow.