Harsh Goenka’s recent post on X (formerly Twitter) has ignited a debate over why India’s richest prefer London, Dubai, Singapore, or Switzerland over returning to their home country.
In his tweet, Goenka wrote: “Most rich Indian billionaires are quitting London over tax and safety reasons and some leaving America as they don’t like Trump. They’re eyeing Dubai, Singapore, Portugal, Switzerland… not one I know is thinking of returning to India as an option. Why? That’s the question we need to search our hearts for.”
Users Point to Infrastructure, Social Divides
The post quickly went viral, drawing sharp responses from users who highlighted India’s persistent challenges.
One user commented, “This is a very pertinent question. The answer is obvious, but we refuse to see the reality and instead are living in a myopic illusion.
The truth is India is largely dirty, lacks basic infrastructure, is woefully short of a customer service culture, and is intrinsically a divided and inward-looking society. On selfishness, exclusivity, and lack of social sensitivity, we are on a high. Ethics is anathema to most of us. Why should those who escaped the inertia return to the same old ecosystem?”
Another user highlighted migration patterns, writing, “True, sir. Out of approximately 16,800 millionaires and billionaires moving out, nearly 60–70% are heading to Dubai, 10–20% to Singapore, and the rest to other countries. Dubai is preferred due to its higher ease of doing business ranking. India is not considered for the same reasons.”
Tax Uncertainty and Quality of Life Concerns
Many also pointed to India’s tax environment and capital restrictions as deterrents. One user noted, “Some reasons – Policy & Tax: India has high and often shifting tax rules, with less clarity on long-term capital treatment. Compare that to Dubai’s 0% income tax or Singapore’s stable low-tax regime.
– Capital Mobility: Moving money in and out of India is still highly regulated. In places like Portugal or Switzerland, wealth feels freer.
The question here is why India — despite growth, opportunity, and talent — isn’t seen as a safe home base for wealth. Until rules feel predictable, taxes reasonable, and capital less restricted, even patriotic billionaires will prefer to stay offshore.”
Another user highlighted lifestyle factors, saying, “In India, one may live in a ₹20 crore apartment but still has to deal with poor infrastructure and high AQI. There are many other issues as well. Compared to that, if you can live a high-quality life abroad, why would anyone choose to return?”