'We need to search...': Harsh Goenka asks why India’s billionaires won’t return despite exodus from London, US

In a thought-provoking statement, Harsh Goenka, Chairman of RPG Group, raised a critical question regarding the migration patterns of India’s billionaires. He highlighted a concerning trend: while many of India’s ultra-wealthy are leaving countries like London and the United States, none seem inclined to return to India.

On social media platform X (formally Twitter), Goenka wrote, “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.”

Actor Ranvir Shorey humorously reacted to the post, quipping, “Because it’s too crowded! More people need to become billionaires and leave!”

However, one sharp response on the platform took a deeper dive into the issue: “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?”

A recent survey conducted by Kotak Private, in collaboration with consultancy firm EY, revealed that a significant percentage of India’s ultra-rich are considering emigration. According to the survey, 22% of super-rich Indians said they plan to leave, citing poor living conditions, a lack of essential infrastructure, and the higher standards of life found overseas. This study was based on responses from 150 ultra-high-net-worth individuals (UHNIs).

Adding to this, the Henley Private Wealth Migration Report 2025 painted a sobering picture for India’s future wealth landscape. India is one of the top five countries losing the most millionaires annually. While the number of millionaires leaving India has decreased — from 5,100 in 2023 to an estimated 3,500 in 2025 — the country still ranks among the world’s highest in terms of outflow.