Thousands Of Millionaires Will Continue To Leave India: Henley Report

Graph: Henley Global

India-West News Desk

LONDON – A recent report by Henley Report & Partners, an international investment migration advisory firm based here, projects that around 4,300 millionaires will leave India in 2024, with the UAE being their preferred destination. This follows the trend from 2023 when approximately 5,100 Indian millionaires relocated abroad.

Globally, India is expected to rank third in millionaire migrations, following China and the UK. The UAE is anticipated to be the largest beneficiary of this trend, projected to gain 6,800 millionaires in 2024, followed by the US and Singapore. Between 2013 and 2023, the number of Indian millionaires in the UAE increased by 85 percent.

India currently ranks tenth in the world for the number of millionaires, with 326,400 HNWIs. In comparison, China ranks second with 862,400 millionaires. In terms of centi-millionaires (those with $100 million in assets), India ranks fourth with 1,044 individuals, trailing behind Germany, China, and the US. For billionaires, India ranks third with 120, which is a third of China’s total and an eighth of the US’s.

The Henley report, which defines ‘millionaires’ and ‘HNWIs’ as individuals with liquid assets of $1 million or more notes, “India continues to lose large numbers of millionaires, especially to the UAE. However, these outflows are not particularly concerning as India continues to produce far more new high net worth individuals (HNWIs) than it loses to emigration.”

The report cites various reasons for millionaire migration, including safety concerns, better retirement prospects, health care, and overall quality of life.