Indian billionaires quitting London, America… but not one returning to India: RPG boss Harsh Goenka

In a hard-hitting statement, RPG Group chairman Harsh Goenka said that while many Indian billionaires are leaving London and the United States for various reasons, none are choosing to return to India.

“Most wealthy Indian billionaires are quitting London over tax and safety concerns, and some are leaving America because they don’t like Trump. They’re eyeing Dubai, Singapore, Portugal, Switzerland… but not one I know is considering India as an option. Why? That’s the question we need to search our hearts for,” Goenka wrote in a post on social media platform X.

Reacting to his post, actor Ranvir Shorey quipped, “Because it’s too crowded! More people need to become billionaires and leave!”



Many other users also commented on Goenka’s remarks, with the post garnering thousands of views at the time of writing.

One user responded sharply: “This is a very pertinent question. The answer is obvious, but we refuse to see the reality and instead live in a myopic illusion. The truth is, India is largely dirty, lacks basic infrastructure, is woefully short of customer service culture, and is intrinsically a divided and inward-looking society. On selfishness, exclusivity, and lack of social sensitivity, we are at a high. Ethics is anathema to most of us. Why should those who escaped the inertia return to the same old ecosystem?”

Others blamed infrastructure, high taxes, pollution, lack of civic sense, and harassment by authorities as key reasons discouraging billionaires from returning.

Earlier this year, a survey by Kotak Private, a leading wealth manager, in association with consultancy EY, found that a significant number of India’s ultra-rich are planning to leave. At least 22% of super-rich Indians said they wished to move abroad, citing poor living conditions, higher standards of life overseas, and easier business environments elsewhere. The survey covered 150 ultra-high-net-worth individuals (UHNIs).

Another study, the Henley Private Wealth Migration Report 2025, noted that India remains among the top five countries losing the most millionaires each year. An estimated 3,500 Indian millionaires are expected to leave in 2025—down from 5,100 in 2023 and 4,300 in 2024—yet still among the world’s highest.

Globally, 142,000 HNWIs (high-net-worth individuals) are forecast to relocate in 2025, the highest figure on record. The UAE is projected to welcome the largest net inflow (9,800), well ahead of the US (7,500), the report added.