India is expected to experience a decrease in the emigration of millionaires in 2024 compared to the preceding two years, as per The Henley Private Wealth Migration Report 2024, released on Tuesday by Henley and Partners in collaboration with wealth intelligence firm New World Wealth.
“India is witnessing a steady net outflow of millionaires but here the story is more positive. Opportunities for overseas investments are opening up for many wealthy Indians, especially in Australia and the US,” the report said.
Approximately 4,300 millionaires are projected to leave the country in 2024, down from 5,100 the previous year. India is expected to rank third globally in terms of millionaire emigration, following China and the United Kingdom. Conversely, the UAE is expected to see the highest influx, gaining 6,800 millionaires in 2024, followed by the US and Singapore, according to the report.
“India continues to lose large numbers of millionaires, especially to the UAE. However, in our view, these outflows are not particularly concerning as India continues to produce far more new high net worth individuals (HNWIs) than it loses to emigration,” it added.
India saw an 85 per cent growth in the number of millionaires between 2013 and 2023, following closely behind China, which nearly doubled its millionaire population. Currently, India ranks tenth globally with 326,400 HNWIs in terms of millionaires, whereas China holds the second position with 862,400 HNWIs.
According to the report, millionaire departures from India are less concerning because many retain business interests and second homes within the country.
High-net-worth families opt to relocate for various reasons, such as safety and security, financial considerations, tax advantages during retirement, opportunities for work and business growth, desirable lifestyle attributes like climate and scenery, access to quality education for their children, the quality of healthcare systems, and overall standard of living.