Indian Millionaires Relocating in 2024 | UAE Tops the List

Indian Millionaires Relocating in 2024 | UAE Tops the List

Forecast of Millionaire Migration:

In 2024, an estimated 4,300 millionaires from India are expected to relocate, according to a report by investment migration consultancy Henley & Partners. This positions India as the third-highest in net outflow of millionaires, following China and the United Kingdom, which are projected to lose 15,200 and 9,500 millionaires, respectively.

Comparison with Previous Years:

While the projected outflow for 2024 is significant, it is lower than the 5,100 high-net-worth individuals (HNWIs) who left India in 2023. Globally, the movement of millionaires is set to rise, with around 128,000 expected to migrate in 2024, surpassing the previous record of 120,000 in 2023.

Reasons for Migration:

Millionaires and HNWIs, defined as individuals with liquid investable wealth of at least $1 million (approximately Rs 8.3 crore), are increasingly seeking new destinations. The United Arab Emirates (UAE) and the United States are the top choices. Factors driving this migration include favorable business environments, attractive residency programs, and high-quality living conditions.

The UAE: A Preferred Destination:

The UAE is anticipated to welcome a net inflow of 6,700 millionaires in 2024. The nation offers attractive golden visas, luxurious living conditions, and a strategic business-friendly location. Despite implementing a 9% corporate income tax in 2023, the UAE remains an attractive destination due to its stable political environment, advanced infrastructure, and commitment to ESG (Environmental, Social, and Governance) initiatives.

Support from Financial Institutions:

Indian private banks and wealth management firms are expanding their services in the UAE to cater to the needs of their relocating clients. Institutions like Nuvama Private, LGT Wealth Management, Kotak Mahindra Bank, and 360 ONE Wealth are providing comprehensive wealth management services to Indian families in the UAE, aiding in their global diversification and business expansion efforts.

Other Popular Destinations:

Apart from the UAE and the United States, other popular destinations for migrating millionaires include Singapore, Canada, and Australia. These countries offer a range of benefits, including favorable tax policies, robust economies, and high standards of living, attracting wealthy individuals from around the globe.

Impact on India:

Despite the outflow of millionaires, India continues to generate more new HNWIs than it loses. Many departing millionaires maintain business interests and second homes in India, contributing positively to the Indian economy. Thus, while the migration trend is notable, it is not seen as alarming for the country's economic health.

Global Trends:

China and the United Kingdom are also experiencing significant outflows of millionaires. China's outflow is driven by slowing economic growth and geopolitical tensions, while the UK's loss is influenced by Brexit, political uncertainty, and changes in tax policies.

Conclusion:

In 2024, the movement of millionaires is set to rise globally, with India expected to see 4,300 of its wealthy citizens relocating, primarily to the UAE. Despite this trend, India remains robust in generating new HNWIs. The UAE stands out as a favored destination due to its appealing visa programs, luxurious lifestyle, and strategic business environment. Other countries like the US, Singapore, Canada, and Australia also continue to attract high-net-worth individuals seeking better opportunities and living conditions.

Content Image Source Courtesy:

https://www.google.com/amp/s/www.indiatoday.in

https://www.google.com/amp/s/www.cnbctv18.com/