'Pay high tax, and also incur expenses': Finfluencer warns why India’s rich are leaving
“When Scandinavian/Western countries charge high taxes, they have the option to send their kids to good public schools, avail healthcare, social security, etc.,” he said. “But in India, corruption hits the middle class the most.”
- Aug 11, 2025,
- Updated Aug 11, 2025 7:20 AM IST
India is bleeding millionaires and the culprit is not just high taxes, but a system that gives little in return, says finfluencer and Wisdom Hatch founder Akshat Shrivastava, warning that the country’s top global ranking for wealthy migration is a direct result of a “double-whammy” of tax burden and corruption.
In a post on LinkedIn, Shrivastava contrasted India’s tax regime with that of the UAE, where personal income tax is zero and corporate income tax is 9%. “In India, it is the opposite: our personal income taxes are higher than corporate income taxes. Therefore, people migrate,” he wrote.
Citing data on millionaire outflow as a share of total millionaires, he said India ranks No. 1 worldwide. Anticipating comparisons with Western economies, Shrivastava argued the difference lies in public services and governance.
“When Scandinavian/Western countries charge high taxes, they have the option to send their kids to good public schools, avail healthcare, social security, etc.,” he said. “But in India, corruption hits the middle class the most.”
According to him, Indians face steep taxes while also paying privately for essential needs like education. “Pay high tax, AND also incur expenses on sending kids to private schools (and other services). This leads to higher expenses and lower savings,” Shrivastava said.
He called the combination of high taxation and corruption a barrier to wealth creation, especially for the middle class, and a key driver of affluent migration to jurisdictions with lower taxes and better public services.
Shrivastava’s remarks land as the government prepares to table the revised Income-tax Bill, 2025, in Parliament today, a measure billed as one of the most ambitious tax reforms in decades. The bill aims to simplify compliance, curb corruption through a digital-first assessment framework, and replace the six-decade-old 1961 Income-tax Act.
India is bleeding millionaires and the culprit is not just high taxes, but a system that gives little in return, says finfluencer and Wisdom Hatch founder Akshat Shrivastava, warning that the country’s top global ranking for wealthy migration is a direct result of a “double-whammy” of tax burden and corruption.
In a post on LinkedIn, Shrivastava contrasted India’s tax regime with that of the UAE, where personal income tax is zero and corporate income tax is 9%. “In India, it is the opposite: our personal income taxes are higher than corporate income taxes. Therefore, people migrate,” he wrote.
Citing data on millionaire outflow as a share of total millionaires, he said India ranks No. 1 worldwide. Anticipating comparisons with Western economies, Shrivastava argued the difference lies in public services and governance.
“When Scandinavian/Western countries charge high taxes, they have the option to send their kids to good public schools, avail healthcare, social security, etc.,” he said. “But in India, corruption hits the middle class the most.”
According to him, Indians face steep taxes while also paying privately for essential needs like education. “Pay high tax, AND also incur expenses on sending kids to private schools (and other services). This leads to higher expenses and lower savings,” Shrivastava said.
He called the combination of high taxation and corruption a barrier to wealth creation, especially for the middle class, and a key driver of affluent migration to jurisdictions with lower taxes and better public services.
Shrivastava’s remarks land as the government prepares to table the revised Income-tax Bill, 2025, in Parliament today, a measure billed as one of the most ambitious tax reforms in decades. The bill aims to simplify compliance, curb corruption through a digital-first assessment framework, and replace the six-decade-old 1961 Income-tax Act.