Millionaires are leaving countries like China, the United Kingdom, and India, and moving to places such as the UAE, the USA, and Singapore. In 2024, around 128,000 millionaires worldwide are expected to relocate to different countries, with the UAE and the USA being the top choices.
According to a report by investment migration consultancy Henley & Partners, about 4,300 Indian millionaires are expected to leave India in 2024. This makes India the country with the third-highest number of millionaires leaving, after China, which is projected to lose 15,200 millionaires, and the United Kingdom, which is expected to see 9,500 millionaires depart. However, the outflow of Indian millionaires in 2024 is slightly lower than the 5,100 who left in 2023.
In total, 128,000 millionaires are forecasted to move to new countries this year. The UAE and the USA remain the top destinations for these wealthy individuals. Millionaires, or high-net-worth individuals (HNWIs), are defined as people with at least $1 million in investable wealth, which is approximately Rs 8.3 crore.
Dominic Volek, the Group Head of Private Clients at Henley & Partners, noted that the projected migration of 128,000 millionaires in 2024 would break the previous record of 120,000 set in 2023. This represents a 16% increase compared to 2019, before the pandemic, when 110,000 millionaires relocated globally.
Indian private banks and wealth management platforms are actively expanding their presence in the UAE to offer better investment advisory services to their clients. Notable examples include Nuvama Private and LGT Wealth Management, which are helping Indian clients diversify and expand their investments globally. Similarly, Kotak Mahindra Bank and 360 ONE Wealth are offering wealth management services to Indian families in the UAE.
Other popular destinations for migrating millionaires include the United States, Singapore, Canada, and Australia.
India continues to experience significant emigration of millionaires, especially to the UAE. However, this trend is not alarming because India is creating more new millionaires than it is losing. Many of the millionaires who leave India continue to maintain business interests and second homes in the country, which is seen as a positive sign.
On the other hand, some countries are facing challenges due to the departure of wealthy individuals. China is expected to see 15,200 millionaires leave in 2024, as economic slowdown, geopolitical tensions, and better opportunities abroad push many to move. The UK is projected to lose 9,500 millionaires due to issues related to Brexit, political uncertainty, and changes to the non-domicile tax regime. The key takeaway is that, in this era of increasing millionaire migration, countries cannot afford to be complacent.
High-net-worth families choose to relocate for various reasons, including concerns about safety and security, financial stability, taxes, retirement, business opportunities, lifestyle preferences, education for their children, healthcare, and overall standard of living.
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