Indian millionaires leaving their own country, shifting to THIS country: Wealth Migration Report 2024

  • The report mentioned that in 2023 around 5,100 Indian millionaires relocated abroad.

Written By Saurav Mukherjee
Updated19 Jun 2024, 04:31 PM IST
Between 2013 to 2023, Indian millionaires in the UAE increased by 85 percent. (AP Photo/Rick Bowmer, File)
Between 2013 to 2023, Indian millionaires in the UAE increased by 85 percent. (AP Photo/Rick Bowmer, File)(AP)

Around 4,300 millionaires are projected to leave India in 2024 and most likely choose the UAE as their destination, a report by the international investment migration advisory firm Henley & Partners revealed.

The report mentioned that in 2023 around 5,100 Indian millionaires relocated abroad.

“India continues to lose large numbers of millionaires, especially to the UAE. However, in our view, these outflows are not particularly concerning as India continues to produce far more new high net worth individuals (HNWIs) than it loses to emigration,” the report stated.

According to the report, ‘millionaires’ and ‘HNWIs’ are individuals with a liquid wealth of $1 million ( 8.34 crore) or more.

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The report shows that India is expected to rank third on the global comparison of millionaire migrations, following China and the UK.

The report further mentions that the UAE may become the largest beneficiary of the millionaires' migration and gain 6,800 millionaires in 2024, followed by the US and Singapore.

Between 2013 and 2023, Indian millionaires in the UAE increased by 85 per cent.

According to the report, India ranks tenth in the world with respect to millionaires, with 326,400 HNWIs; however, China ranks second with 862,400.

The report added that India ranked fourth in centi-millionaires with 1,044 people with $100 million in wealth, behind Germany with 1,075, China (2,352), and the US (9,850).

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The report ranked India third with 120 billionaires, adding that this number is a third of China and an eighth of the US.

Why do millionaires migrate?

Millionaires migrate or shift their base for many reasons. Few High-net-worth families choose relocation for safety reasons, while others choose financial considerations and tax benefits. The remaining opt for migration as they seek better retirement prospects, business opportunities, favourable lifestyles, educational opportunities for children, healthcare systems, and overall quality of life, said the report. 

 

 

 

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First Published:19 Jun 2024, 04:31 PM IST
HomeEconomyIndian millionaires leaving their own country, shifting to THIS country: Wealth Migration Report 2024

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