Thousands of Indian millionaires relocating to this country in 2024, here's why

In 2024, nearly 4,300 millionaires are projected to leave India with the majority of them choosing the United Arab Emirates (UAE) as their final destination, according to a recent report by international investment migration advisory firm Henley & Partners.

It is pertinent to note that in 2023, the report highlighted that at least 5,100 Indian millionaires had moved abroad.

The report noted that India stands third in the millionaire migration globally after China and the United Kingdom.

"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% over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration," the report states.   

It said that the outflows were not a matter of concern for India as it continues to produce far more new High-Net-Worth Individuals (HNWIs) than it loses to emigration.

It also highlighted that the bulk of millionaires who are departing the country, retain business interests and second homes here.

Notably, Indian private banks and wealth management platforms are aggressively making their way into the UAE market in order to provide their customers with seamless investment advisory services.

"Kotak Mahindra Bank and 360 ONE Wealth are joining the dots to provide Indian families with wealth management services on the ground in the UAE, ensuring that they don't lose out to their competitors," the Henley report said.

According to the report, in 2024, approximately 1,28,000 millionaires all over the world are expected to relocate with the United States and UAE as their preferred destinations.

Migrating millionaires are an extremely important source of forex revenue as they tend to bring their money with them when they move to a new country.

(With inputs from agencies)