Mass Migration: 4,300 Indian Millionaires Abandon India for This Top Destination in 2024 | Why Are Indian Millionaires Flocking to This Country?

 

The Henley Private Wealth Migration Report 2024 shows that India will lose 4,300 millionaires this year. This is fewer than the 5,100 who left in 2023, but India is still one of the top countries where rich people are leaving. This trend is similar to global patterns where wealthy people move because of political problems, economic uncertainty, and social changes.

India has reduced the number of millionaires leaving the country, now ranking 3rd after the UK. In 2024, 4,300 millionaires are expected to leave India, down from 5,100 last year, according to the Henley Private Wealth Migration Report 2023.

The UK will see a huge loss of 9,500 millionaires in 2024, the second highest after China. This is more than double the 4,200 who left the UK last year, which was already a record high compared to the 1,600 who left in 2022.

For the third year in a row, the UAE is expected to attract the most wealthy people, with 6,700 millionaires moving there by the end of the year, especially from the UK and Europe.

The Henley Private Wealth Migration Report 2024, released by international investment migration advisory firm Henley & Partners, exclusively features the latest net inflows and outflows of millionaires or HNWIs with liquid investable wealth of USD 1 million or more.

China is again on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year compared to 13,800 in 2023.

Dominic Volek, Group Head of Private Clients at Henley & Partners, says “2024 is shaping up to be a watershed moment in the global migration of wealth. An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. In many respects, this great millionaire migration is a leading indicator, signaling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”

UAE remains world’s leading millionaire magnet:

With its zero-income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires and is poised to welcome a record net inflow of 6,700 this year alone.

With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Brits and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024.

Singapore takes 3rd prize again this year with net inflows of 3,500, while the perennially popular destinations for migrating millionaires, Canada and Australia, follow in 4th and 5th places with net inflows of 3,200 and 2,500, respectively.

European favorites Italy, Switzerland, Greece and Portugal all make it into this year’s Top 10 for net millionaire inflows along with Japan, which is on course to welcome 400 wealthy migrants, boosted in part by an accelerating trend of Chinese HNWIs moving to Tokyo that started post-Covid.

Head of Research at New World Wealth, Andrew Amoils, says the benefits of this migration of wealth and talent to these destination countries are significant and wide ranging. “Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60% for centi-millionaires and billionaires.

Related Videos:

Indian startups secure $7 billion in the first half of 2024 (WION)

Also Read:

Wealth Migration Report: Why Are Indian Millionaires Flocking to This Country?

The Henley Private Wealth Migration Report 2024 says India will lose 4,300 millionaires this year. This number is a bit lower than the 5,100 who left in 2023. India is still one of the top countries where rich people are leaving, but this follows a global trend where wealthy people move due to political, economic, and social reasons.

In 2023, about 5,100 Indian millionaires moved abroad, mainly to the UAE. However, the report says India continues to create more new millionaires than it loses. Millionaires, also called high-net-worth individuals (HNWIs), have at least $1 million (₹8.34 crore) in liquid wealth.

India is expected to be third in the world for millionaire migrations, after China and the UK. India's net loss of millionaires is less than 30% of China's. Despite this, India has seen an 85% increase in millionaires over the past decade.

India ranks tenth in the world for millionaires, with 326,400 HNWIs, while China is second with 862,400. India is fourth in centi-millionaires (people with $100 million) with 1,044, behind Germany, China, and the US.

Many Indian millionaires move for better economic opportunities, tax benefits, lifestyle, and global mobility.

The United Arab Emirates

The UAE is a top destination for Indian millionaires, expected to attract 6,700 wealthy migrants in 2024 due to its zero income tax, golden visa programs, luxurious lifestyle, and strategic location. Sunita Singh-Dalal, a partner at Hourani in Dubai, says the UAE has quickly developed a strong regulatory framework for wealth management.

The UAE is expected to be the largest recipient of millionaire migration, followed by the US and Singapore. Indian millionaires in the UAE increased by 85% from 2013 to 2023.

Other Top Destinations for Migrating Millionaires

Other popular countries for wealthy migrants are:

• United States
• Singapore
• Canada
• Australia

These countries are expected to see significant increases in HNWIs, benefiting from their economic contributions and job creation.

Popular Investment Migration Programs

Indians often apply for residence and citizenship by investment programs, such as:

• Portugal’s Golden Residence Permit Program
• Greece’s Golden Visa Program
• Spain’s Residence by Investment Program
• Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment
• Antigua and Barbuda’s Citizenship by Investment Program
• Grenada’s Citizenship by Investment Program

Dominic Volek from Henley & Partners says 2024 will be a key year for global wealth migration, with an expected 128,000 millionaires relocating worldwide, surpassing the 120,000 in 2023. This shows a major shift in the global landscape, impacting both the countries they leave and those they move to.

Reasons Behind the Exodus from India

Indian millionaires leave for better lifestyles, safer environments, and better health and education services. Dr. Hannah White from the Institute for Government in London highlights the need for economic and political stability to retain HNWIs.

Other countries facing similar outflows of wealthy individuals include:

• China
• United Kingdom
• South Korea
• Brazil
• South Africa
• Taiwan
• Vietnam
• Nigeria

These countries also have unique challenges influencing millionaire migration.

Andrew Amoils from New World Wealth explains that migrating millionaires bring foreign exchange revenue and often start new businesses, creating local jobs in their new countries. This is especially true for centi-millionaires and billionaires.

Related Link:

https://www.indiatimes.com/worth/news/4300-indian-millionaires-are-reportedly-moving-abroad-in-2024-uae-is-the-top-choice-636610.html