A recent report by Henley & Partners indicates a notable decline in the emigration of millionaires from India, showcasing a positive trend amid the country’s economic growth.
The ‘Henley Private Wealth Migration Report 2024’ indicates that the number of millionaires projected to leave India this year has decreased to 4,300 from 5,100 in the previous year.
India’s robust economic development has been instrumental in this trend, as it continues to generate a substantial number of new millionaires.
The report underscores that while India experiences a steady net outflow of millionaires, the overall impact remains positive due to the country’s ability to produce a significant number of High Net Worth Individuals (HNWIs).
According to the report, opportunities for overseas investments are increasingly attractive to wealthy Indians, particularly in countries such as Australia and the United States.
India, recognized as the fastest-growing economy globally, is to become the third-largest source of millionaire emigration after China and the UK.
Despite significant outflows to destinations like the UAE, the report emphasizes that India’s continuous growth in the number of millionaires mitigates concerns about emigration.
Over the past decade, India has seen an impressive 85% increase in its millionaire population, now totaling 326,400 individuals, ranking it 10th globally.
In contrast, the United Kingdom is to experience a substantial net loss of 9,500 millionaires in 2024, underscoring a stark contrast to India’s trend.
Dominic Volek, Group Head of Private Clients at Henley & Partners, commented, “An unprecedented 128,000 millionaires are anticipated to relocate globally this year, surpassing the previous record set in 2023.”
The report also highlighted insights from Sunita Singh-Dalal, Partner at Hourani in Dubai, who noted the UAE’s rapid evolution in wealth management capabilities.
Singh-Dalal praised the UAE’s regulatory frameworks and innovative wealth management solutions, which have attracted a growing number of affluent individuals over the past five years.
Overall, India’s ability to stem the exodus of millionaires reflects its burgeoning economic landscape and the increasing opportunities it provides for wealth creation and investment.
As global migration patterns continue to evolve, India stands out for its resilience and growth in the high net worth segment.
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