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4,300 Indian millionaires set to migrate this year, many opting for UAE: Report
This migration trend comes as India, now the world's most populous country, experiences a net millionaire exodus that is less than 30 percent of China's.
Representative image / Image- Unsplash
Around 4,300 millionaires are expected to migrate from India this year, with a significant number choosing to settle in the UAE, according to a recent report by Henley and Partners, an international investment migration advisory firm.
Despite India being the world's fastest-growing economy, it is expected to rank third globally in terms of millionaire migrations, trailing only China and the United Kingdom. This migration trend comes as India, now the world's most populous country, experiences a net millionaire exodus that is less than 30 percent of China's.
"While India loses thousands of millionaires each year, with many migrating to the UAE, concerns over the outflows may well be mitigated as with wealth growth of 85 percent over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration," the report stated. Last year, the report noted that 5,100 Indian millionaires migrated abroad.
In response to this ongoing trend, several Indian private banks are expanding their operations in the UAE. Notable among them are Kotak Mahindra Bank and 360 ONE Wealth, which are providing wealth management services to Indian families, the report said.
The migration of millionaires significantly impacts a country's foreign exchange reserves since these individuals often transfer substantial assets when they relocate. The primary motivations for millionaire migration include tax benefits, safety and financial considerations, retirement prospects, business opportunities, and an enhanced lifestyle.
Despite the decline from the 5,100 departures in 2023, India remains among the countries with the highest number of HNWIs leaving the country. Henley & Partners defines millionaires and HNWIs as those with liquid wealth of at least US$1 million.
Meanwhile, the UAE is expected to attract an unprecedented 6,700 millionaires by the end of 2024, thanks to its world-class infrastructure, strategic location, advantageous tax regulations, and other appealing factors.
To further attract talented individuals, the UAE offers a golden visa, granting permanent residency to entrepreneurs, foreign investors, and talented individuals making substantial investments. This visa program has become particularly popular among Indians.
In addition to the UAE, Indians are increasingly seeking citizenship and residency through investment schemes in countries such as Portugal, Greece, Spain, Malta, and in the Caribbean nations of Antigua and Barbuda, and Grenada.
The reasons for these relocations vary. While some wealthy families move due to security concerns, others seek tax advantages and better budgetary conditions. Many also migrate in search of improved retirement options, business opportunities, appealing lifestyles, healthcare systems, educational opportunities for their children, and an overall higher standard of living.
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