Henley & Partners (along with global wealth intelligence firm New World Wealth) — an international investment migration advisory firm — recently unveiled its yearly report of net inflows and outflows of millionaires. According to the Henley Private Wealth Migration Report 2024, India ranks third (after China and the UK) with 4,300 millionaires leaving this year as compared to 5,100 in 2023….
The biggest millionaire losers in 2024
According to the same report, China is the biggest millionaire loser country globally in 2024 with 15,200 HNWIs (High-Net-Worth Individuals) anticipated to leave the country, compared to 13,800 from last year. 9,500 millionaires are expected to leave the UK in 2024, which is more than double of 4,200 from 2023. Rounding up the Top 5 are South Korea (1,200 in 2024 and 800 in 2023) and Russia (1,000 in 2024 and 2,800 in 2023).
1,28,000 millionaires will be relocating worldwide in 2024, which eclipses the 2023 record of 1,20,000. The location shift is accredited to geopolitical tensions, economic uncertainty and social upheaval across the globe.
Where are the Indian millionaires relocating?
Dubai takes the first spot, third year in a row, as the world’s number one destination for migrating millionaires, particularly Indian HNWIs. In 2024, UAE’s most populous city is set to welcome 6,700 HNWIs. Moneyed migrants are flocking to Dubai for several appealing reasons; zero income tax, golden visas, a luxury lifestyle and strategic location. Moreover, Dubai has benefited considerably from the consistently high inflows from India, the wider Middle East region, Russia and Africa. Given large inflows from the UK and Europe also expected, the Emirates are attracting nearly twice as many millionaires as the US, who will see a potential inflow of 3,800 HNWIs in 2024. Singapore (3,500 in 2024), Canada (3,200 in 2024) and Australia (2,500 in 2024) round up the Top 5 for net millionaire inflows.
Dr. Hannah White OBE, Director and CEO of the Institute for Government in London, pointed out why Indian millionaires are particularly leaving their country and relocating elsewhere: “Both China and India are seeing high net outflows because of the success of their sizable economies in generating new millionaires… As do those from many other developing nations, including notably Brazil, Vietnam, South Africa, and Nigeria, Indian millionaires often depart the sub-continent in search of a better lifestyle, safer and cleaner environments, and access to more premium health and education services.”
“India continues to lose large numbers of millionaires, especially to the UAE. However, in our view these outflows are not particularly concerning as India continues to produce far more new high net worth individuals (HNWIs) than it loses to emigration,” the report further stated, according to Hindustan Times. Moreover, Indian millionaires tend to retain businesses and second homes in India, which comes to the nation’s advantage. India is currently in the 10th rank when it comes to the number of HNWIs; 3,26,400.
