Wealth managers need to improve their efforts in India to mitigate high net worth (HNW) investors’ wishes to move wealth abroad, warns data and analytics firm GlobalData.

India has proposed to raise income tax surcharge on wealthy individuals as part of its 2019 Budget. As a result, providing high quality tax advice has become more important to stop investors moving wealth offshore.

Following the increase in surcharge, the effective peak income tax rate for super rich individuals earning above INR 50 million (US$729,000) will increase to 42.7 percent, which makes it more similar to tax regimes in most Western countrie...