NEW DELHI: In 2023, India is expected to witness departation of approximately 4,300 millionaires, as reported by the Henley Private Wealth Migration report 2024.
Although this figure represents a decline from the previous year’s count of 5,100 millionaires, it still positions India as the country with the third-largest number of high net worth individuals (HNWI) seeking to relocate abroad.
China and the United Kingdom are expected to surpass India in terms of the number of millionaires leaving their respective countries. The report highlights the ongoing trend of wealthy individuals exploring opportunities and shifting their residences to other nations.
Destinations

  • The United Arab Emirates will likely receive the largest number of Indian millionaires.
  • In the last decade, this number increased by 85%.
  • The country is expected to attract 6,700 HNWIs from around the world in 2024.
  • Factors like its zero income tax policy, golden visa programmes, luxurious lifestyle and strategic location make the UAE a favourite among wealthy migrants.
  • Other top destinations for migrating millionaires include the United States, Singapore, Canada, and Australia.

Millionaire matrix

  • The Henley report describes millionaires and HNWIs as individuals with liquid investable wealth of $10 lakh (about Rs. 8.34 crore) or more.
  • It said India has 3,26,400 HNWIs, the tenth-highest in the world.
  • India also had the third-highest number of billionaires: 120.
  • Globally, 1,20,000 millionaires are expected to migrate in 2024, an increase from last year’s 1,20,000.

Why leave?

  • Common reasons why millionaires relocate include business opportunities, healthcare, and standard of living.
  • There are safety and security as well as financial concerns such as taxes and retirement.
  • They also consider lifestyle factors like climate, nature, scenery and education opportunities.

Not really bad news

  • The report said this finding is not particularly concerning for India as it “continues to produce far more new HNWIs than it loses to emigration.”
  • Additionally, a majority of millionaires who leave India often retain businesses and second homes in the country, the report noted.