A report by Henley & Partners states that 4,300 millionaires are expected to leave India this year, with a significant number choosing the United Arab Emirates (UAE) as their destination.
Last year, the same report noted that 5,100 Indian millionaires relocated abroad. India, the fastest-growing economy in the world, is expected to rank third globally in terms of millionaire migrations, following China and the UK. While India has now overtaken China as the world's most populous nation, its net millionaire exodus is less than 30 per cent of China's.
"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 per cent over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration," the report stated.
The report further noted that Indian private banks and wealth management platforms are expanding into the UAE, with Nuvama Private and LGT Wealth Management ramping up their global diversification and expansion needs, and other banks also increasing their presence in the UAE.
The tiny Gulf nation is expected to see an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024, according to the report released on June 18.
A distant second to the UAE is the United States, with an expected inflow of 3,800 millionaires by year-end — just about half of the net inflow of migrating millionaires that the Middle Eastern country anticipates.
Globally, 128,000 millionaires are expected to relocate in 2024, with the UAE and the USA topping the list of preferred destinations. Migrating millionaires contribute significantly to foreign exchange reserves by moving substantial assets with them.
Their investments also stimulate local stock markets through equity placements. High-net-worth families opt to relocate for various reasons, including safety, financial considerations, tax benefits, retirement prospects, business opportunities, favourable lifestyles, educational opportunities for children, healthcare systems, and overall quality of life.
Here are the top 10 countries expecting to see the highest net inflows of millionaires in 2024, according to Henley and Partners.
United Arab Emirates: +6,700
United States of America: +3,800
Singapore: +3,500
Canada: +3,200
Australia: +2,500
Italy: +2,200
Switzerland: +1,500
Greece: +1,200
Portugal: +800
Japan: +400
Here are the 10 countries or territories projected to see the highest outflows of millionaires in 2024:
China: -15,200
United Kingdom: -9,500
India: -4,300
South Korea: -1,200
Russian Federation: -1,000
Brazil: -800
South Africa: -600
Taiwan (Chinese Taipei): -400
Nigeria: -300
Vietnam: -300
