The Great Exodus: Why 4,300 Indian Millionaires Are Expected to Leave India in 2024
In 2024, a notable migration trend is expected to see approximately 4,300 Indian millionaires relocating to new countries. According to Henley & Partners, an investment migration consultancy, this movement places India third in the global ranking of net outflows of millionaires, following China and the United Kingdom.
This forecast has sparked discussions about the underlying factors driving such decisions, the implications for India, and the destinations favored by these high-net-worth individuals (HNWIs).
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Understanding the Millionaire Migration Phenomenon
Millionaire migration is not a new phenomenon, but it has gained significant attention in recent years.
High-net-worth individuals (HNWIs), defined as those possessing liquid investable wealth of at least $1 million (approximately Rs 8.3 crore), are increasingly looking to relocate for various reasons.
These reasons include better safety and security, financial concerns, favorable tax regimes, enhanced business opportunities, improved lifestyle factors, superior education opportunities for their children, and advanced healthcare systems.
The global trend of millionaire migration saw a record-breaking 120,000 HNWIs relocating in 2023, with projections for 2024 reaching an unprecedented 128,000. This represents a 16% increase from the pre-pandemic migration levels of 2019.
The rising numbers indicate a growing restlessness among the world’s wealthy, seeking stability, security, and prosperity in new environments.
The United Arab Emirates: A Top Destination
Among the favored destinations for migrating Indian millionaires, the United Arab Emirates (UAE) stands out. The UAE has strategically positioned itself as a wealth haven, attracting HNWIs from around the world with a combination of favorable factors.
1. Golden Visa Offering: The UAE’s golden visa program offers long-term residency to investors, entrepreneurs, and professionals. This initiative provides stability and security, encouraging HNWIs to consider the UAE as a viable long-term option.
2. Luxurious Living and Business-Friendly Environment: The UAE boasts a high standard of living, with luxurious amenities, advanced infrastructure, and a business-friendly environment. These factors create an attractive package for millionaires seeking a balanced and opulent lifestyle.
3. Strategic Location: The UAE’s strategic location as a global hub for business and travel adds to its appeal. Its proximity to Europe, Asia, and Africa makes it a convenient base for international operations.
4. Tax Efficiency: Despite the introduction of a 9% corporate income tax in 2023, the UAE remains a tax-efficient economy. The absence of personal income tax and favorable business regulations continue to draw HNWIs.
5. Political Stability and ESG Commitment: The UAE’s stable political framework, commitment to environmental, social, and governance (ESG) initiatives, and advanced regulatory environment further enhance its attractiveness as a destination for wealth migration.
The migration of 4,300 Indian millionaires in 2024 reflects a broader global trend of wealth movement. While this trend poses challenges, it also offers opportunities for growth, improvement, and global connections.
By addressing the underlying factors driving millionaire migration, India can create an environment that attracts and retains wealth, fostering economic growth and prosperity. Balancing outflow and inflow through comprehensive strategies and policy
