Indian Millionaires Are Leaving: Here's Where They're Headed

In 2023, India saw around 5,100 millionaires relocating abroad, a trend that is projected to continue with an estimated 4,300 millionaires expected to leave the country in 2024, according to the latest Wealth Migration Report by Henley & Partners.

The United Arab Emirates (UAE) stands out as the top destination for these high-net-worth individuals (HNWIs). Between 2013 and 2023, the number of Indian millionaires in the UAE surged by 85%. This trend shows no signs of slowing down, with the UAE anticipated to gain 6,800 millionaires in 2024, surpassing other popular destinations like the United States and Singapore.

Despite the significant outflow, the report suggests that this isn't a major cause for concern. India continues to produce more millionaires than it loses, ensuring a steady increase in its wealthy population. Currently, India ranks tenth globally in terms of the number of millionaires, with 326,400 HNWIs. In comparison, China holds the second spot with 862,400 millionaires.

The report also highlights that India is fourth globally for centi-millionaires (those with $100 million in wealth), with 1,044 individuals in this category. Additionally, India ranks third in the world for billionaires, with 120, which is a third of China’s and an eighth of the United States’ totals.

The motivations behind this migration are varied. Safety concerns, financial considerations, and tax benefits are some of the primary reasons for relocation. Many families also seek better retirement prospects, business opportunities, improved lifestyles, educational opportunities for their children, superior healthcare systems, and an overall better quality of life.

In summary, while a notable number of Indian millionaires are choosing to relocate, particularly to the UAE, India continues to foster a growing population of wealthy individuals, ensuring its position as a significant player on the global economic stage.

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