Indian Passport Ranks Low: Why Indian HNIs Are leaving India Experts suggest that better education, improved living standards, and career opportunities are attracting Indian Millions towards developed nations.
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Passport not only allows you to travel but it also determines a country's ability to provide its citizens with hassle-free travel to other nations. Several factors determine a country's passport power, with the primary factor being the number of visa-free destinations available to its citizens. Shockingly, the Indian passport ranking decreased to 82nd from 80th, as per the Henley Passport Index 2024. On the other hand, the French passport is ranked as the world's most powerful, since it offers visa-free travel to 194 countries.
The ranking data plays an important role for individuals, government and policy makers to understand its implications over international travel, diplomacy, and economic opportunities. Additionally, passport power also influences economic mobility in terms of accessing international investment and business opportunities, which leads to economic growth of the country and its citizens.
At present, Indian citizens can travel to only 58 destinations without a visa and still need visas to access 177 destinations. India's passport power is limited due to high visa requirements imposed by several countries, including the US, the European Union, Russia, Japan, and China. Additionally, 4,300 Indian millionaires will give up on their Indian citizenship this year, down from 5,100 in the previous year, index reported.
Why Indian HNIs are Giving Up On India Citizenship?
As per the Ministry of Home Affairs, in 2021 alone, more than 1.63 lakh Indians left the country and shifted permanently to other nations, particularly the USA. Over the last three years, more than 3.9 lakh Indians have given up their citizenship. Additionally, Henley & Partners (H&P), a UK-based global citizenship and residence adviser, projected that approximately 8,000 high net-worth individuals (HNIs) are projected to leave India in 2024.
Rohit Bhardwaj, Director Private Clients and Country Head India at Henley & Partners said, "The reality of having visa-free access to just 58 destinations is just one of the reasons driving the significant increase in awareness and demand for global investment migration opportunities among Indian high-net-worth families. In addition to having a contingency plan in place and enhancing their visa-free travel, among the key reasons Indian families consider alternative residence and/or citizenship is ease of access to excellent higher education institutions for their children. India's affluent are not just looking to protect their wealth — they are strategically investing in countries that offer a robust educational infrastructure. For this reason, the programs attracting the most attention in terms of enquiries are those offered by Australia, Austria, Canada, Portugal, and the USA."
India ranks third in the number of millionaires projected to leave the country in 2024, after Russia (15,000) and China (10,000). The UAE is expected to attract the highest number of millionaires at 4,000 this year, followed by Australia with 3,500 and Singapore with 2,800.
Further, Bhardwaj said, "Consider an Indian high-net-worth investor securing their child access to an Ivy League US college. The four-year degree could cost USD 250,000. But graduating with permanent residence rights in the USA multiplies career upside, given that America's median salaries are 32 times higher than India's, and tech sector equity compensation potential is exponentially greater in Silicon Valley."
According to the index, Sri Lanka ranks 96th, Bangladesh 97th, Nepal 98th, Pakistan 101st, while the Maldives ranks 58th, China 62nd, and Bhutan 87th, among others.
