In 2024, about 4,300 Indian millionaires are planning to migrate, with the majority choosing the United Arab Emirates (UAE) as their final destination, according to a recent report by the international investment migration advisory firm Henley & Partners. This figure represents a decrease from the 5,100 Indian millionaires who moved abroad in 2023. India ranks third globally in terms of millionaire migration, following China and the United Kingdom.
Despite the significant outflows, the report emphasizes that India need not be overly concerned. Over the past decade, the country has experienced remarkable wealth growth of 85%, resulting in the creation of a substantial number of new high-net-worth individuals (HNWIs). In essence, India continues to produce more HNWIs than it loses to emigration.
Many departing millionaires maintain business interests and second homes within the country, indicating ongoing ties and investments. Furthermore, Indian private banks and wealth management platforms are actively expanding into the UAE market, aiming to offer seamless investment advisory services to their clientele. For instance, Kotak Mahindra Bank and 360 ONE Wealth are strategically providing wealth management services to Indian families on the ground in the UAE, ensuring they remain competitive.
Reasons for Migration
Millionaires choose to relocate for various reasons. Some high-net-worth families seek safety and security in their new base, while others consider financial advantages and tax benefits. Additionally, migration offers better retirement prospects, business opportunities, favorable lifestyles, quality education for their children, access to advanced healthcare systems, and an improved overall quality of life.
As for preferred destinations, the report predicts that in 2024, about 128,000 millionaires worldwide will relocate, with the United States and the UAE topping the list. These migrating millionaires play a crucial role in contributing to foreign exchange revenue, as they often transfer their wealth when moving to a new country.
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