Based on the provided text, finfluencer Akshat Shrivastava‘s post can be rewritten to more clearly and concisely present his core arguments about why India’s wealthy are leaving.
The Double-Whammy: Why India’s Rich Are Leaving
Financial influencer and founder of Wisdom Hatch, Akshat Shrivastava, argues that India is losing its millionaires not just because of high taxes, but because of a “double-whammy” of a high tax burden and a system that offers little in return. According to him, this combination of high taxation and widespread corruption is a major barrier to wealth creation and a key driver of wealthy migration.
High Taxes with Few Benefits
Shrivastava contrasts India’s tax regime with that of Scandinavian and Western countries. While these nations have high taxes, they also provide robust public services like good schools, healthcare, and social security. In India, however, he claims the situation is different: citizens pay high taxes but still have to incur private expenses for essential services. This means people “pay high tax, AND also incur expenses on sending kids to private schools,” leading to higher costs and lower savings.
Tax Inequities and Migration
He points to a specific tax structure issue, noting that India’s personal income taxes are higher than its corporate income taxes. He contrasts this with the UAE, which has a zero personal income tax and a low 9% corporate tax, making it a more attractive destination for the wealthy. Citing data on millionaire outflow as a share of total millionaires, he states that India ranks No. 1 worldwide.
The Path Forward
Shrivastava’s remarks come as the government prepares to table the revised Income-tax Bill, 2025, in Parliament. This bill is touted as a major reform aimed at simplifying compliance, reducing corruption through a digital framework, and replacing the six-decade-old 1961 Income-tax Act. Shrivastava suggests that addressing both the tax burden and the lack of public services is crucial to stemming the outflow of affluent individuals.