4,300 Indian millionaires are reportedly moving abroad in 2024; this country is the top choice

The Henley Private Wealth Migration Report 2024 reveals that India will see a net loss of 4,300 millionaires this year. Although this is a drop from the 5,100 who left in 2023, India remains a leading country for high-net-worth individual (HNWI) departures. This trend mirrors global wealth migration patterns influenced by geopolitical tensions, economic uncertainty, and social changes.

UAE: A Premier Destination for Indian Millionaires

The United Arab Emirates (UAE) continues to be a top choice for Indian millionaires. The UAE is expected to attract a record net inflow of 6,700 wealthy migrants in 2024, thanks to its zero income tax policy, golden visa programs, luxurious lifestyle, and strategic location.

Sunita Singh-Dalal, Partner at Hourani in Dubai, said, "The growth and development of the UAE’s wealth management ecosystem is remarkable. In less than five years, the UAE has established a strong regulatory framework that offers the wealthy innovative solutions to protect, preserve, and grow their wealth."

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Indians are among the top nationalities seeking residence and citizenship by investment programs. Popular options include Portugal’s Golden Residence Permit Program, Greece’s Golden Visa Program, Spain’s Residence by Investment Program, and Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment. In the Caribbean, Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s Citizenship by Investment Program continue to attract wealthy Indians and their families.

Why Indian millionaires are moving abroad: This country is the top choice | Freepik

Global Wealth Migration Trends

Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that 2024 is a pivotal year for global wealth migration. “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, surpassing the previous record of 120,000 set in 2023. This great millionaire migration signals a profound shift in the global landscape, with far-reaching implications for both the countries they leave and those they move to,” he says.

Other top destinations for migrating millionaires include the United States, Singapore, Canada, and Australia. These countries are projected to see significant net inflows of wealthy individuals, benefiting from the economic contributions and job creation that HNWIs often bring.

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Why are people moving out of India?

The outflow of millionaires from India is driven by a mix of factors, including the search for better lifestyles, safer environments, and access to premium health and education services. Dr. Hannah White OBE, Director and CEO of the Institute for Government in London, highlights that economic and political stability are crucial in retaining HNWIs.

Additional Significant Outflows and Economic Implications of Millionaire Migration

Other significant outflows of millionaires are expected from countries such as China, the UK, South Korea, Brazil, South Africa, Taiwan, Vietnam, and Nigeria. Each of these countries faces unique challenges that drive their patterns of millionaire migration.

The migration of millionaires has substantial economic implications. Andrew Amoils, Head of Research at New World Wealth, explains, "Migrating millionaires are a vital source of foreign exchange revenue as they tend to bring their money with them when they move to a new country. Additionally, around 20% of them are entrepreneurs and company founders who may start new businesses, thus creating local jobs in their new country. This percentage rises to over 60% for centi-millionaires and billionaires."

As global wealth migration trends continue to evolve, countries with favorable policies for high-net-worth individuals (HNWIs) are poised to benefit the most. Henley & Partners’ report emphasizes the importance of these initiatives in attracting and retaining global wealth.

India's position in the global wealth migration landscape underscores the need for policies that foster economic stability and growth. As wealthy individuals seek better opportunities abroad, countries like the UAE, USA, and Portugal offer attractive options through investment migration programs.

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