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Fifth of ultra-rich Indians plan to migrate abroad, says survey
Wealthiest individuals look beyond national borders for opportunities while maintaining connection to homeland, the report said.
Representative image / Image - Unsplash
A recent survey has revealed that more than 20 percent of India’s ultra-high-net-worth individuals (Ultra-HNIs) are planning to migrate, highlighting a significant shift among the country’s wealthiest citizens.
According to the Kotak Private Banking’s latest Top of the Pyramid (TOP) Report, which was commissioned by Ernst & Young LLP (EY), the primary drivers behind this trend are business expansion, lifestyle aspirations, and global investment opportunities.
The report found that one in five of these individuals are either in the process of relocating or actively planning to do so. While some entrepreneurs and inheritors remain rooted in India, professionals show a higher inclination to move abroad. Among those planning to migrate, 69 percent cite smoother business operations as their key motivation.
Ultra-HNIs boost IPOs, invest globally and prioritise wellness
India’s strong economic growth has driven an initial public offering (IPO) boom, with the country leading global markets with 268 IPOs in 2024. Investor sentiment remains robust, with Ultra-HNIs allocating 32 percent of their portfolios to equities, favoring both domestic and U.S. markets.
Additionally, commercial real estate has emerged as a preferred asset class, with 45 percent of Ultra-HNIs opting for it due to higher yields. Health and wellness spending has also surged post-pandemic, with over 90 percent of Ultra-HNIs prioritizing preventive healthcare, lifestyle modifications, and wellness travel.
Destinations like Uttarakhand and Kerala have gained popularity among India’s affluent class.
Beyond wealth, India’s Ultra-HNIs are increasingly pursuing meaningful ventures, with 26 percent aspiring to be recognized as innovators driving change.
Commenting on the survey, Oisharya Das, CEO of Kotak Private Banking, Kotak Mahindra Bank Ltd said, “As India's economic landscape evolves, our report reveals how Ultra-HNIs are diversifying their portfolios and embracing both domestic and global assets, setting the stage for a significant rise in their spending by 2028.”
“This year's edition is especially significant, as it not only captures their financial decisions but also delves deeper into their lifestyle preferences, and the dynamics of family businesses and estate planning, offering a comprehensive picture of their lifestyles,” the CEO added.
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