According to a recent report by international investment migration advisory firm Henley & Partners, approximately 4,300 millionaires are projected to leave India this year, with a significant number choosing the UAE as their new destination.
Last year, 5,100 Indian millionaires relocated abroad.
The report notes that while India loses thousands of millionaires annually, many migrating to the UAE, the impact is mitigated by the country’s robust wealth growth.
Over the past decade, India’s wealth total wealth has grown by 85%, however, the per person income has not seen any massive jump.
As per multiple reports, India is one the most unequal countries in the world with the economic gaps between the rich and poor widening more than ever now.
The Henley report predicts that approximately 128,000 millionaires worldwide will relocate in 2024, with the UAE and the USA as the top destinations.
Migrating millionaires significantly contribute to foreign exchange reserves and stimulate local stock markets through their substantial investments.
Indian millionaires relocate for various reasons, including safety, financial and tax benefits, retirement prospects, business opportunities, favorable lifestyles, educational opportunities for children, healthcare systems, and overall quality of life.