Why Are Desi Millionaires Migrating To This Country In Heaps? Read Here

The migration of millionaires from India is a trend that has only risen over the years, with approximately 4,300 expected to leave the country in 2024.

This follows the previous year's migration of 5,100 millionaires, as reported by Henley & Partners, an international investment migration advisory firm.

India is set to rank third globally in millionaire migrations, trailing only China and the UK. Despite India's recent status as the world's most populous country, its net exodus of millionaires is less than 30% of that of China. Many of these millionaires maintain business interests and second homes in India, indicating ongoing economic ties with their homeland.

Preferred destination?

Majority of these migrating Indian millionaires are choosing the UAE as their new home. The UAE has become an attractive destination due to its favorable business environment, strategic location, and robust investment advisory sector. Indian private banks and wealth management platforms are expanding their presence in the UAE to cater to the needs of their clients. Notable examples include Nuvama Private and LGT Wealth Management, which support Indian clients in global diversification and expansion.

Besides, banks such as Kotak Mahindra Bank and 360 ONE Wealth, are also enhancing their services in the UAE to provide comprehensive wealth management solutions for Indian families. This ensures that these families receive robust services and do not lose out to other global competitors.

Economic impact of millionaire migration

Millionaire migration has a huge economic impact on the host countries. Globally, around 128,000 millionaires are expected to relocate in 2024, with the UAE and the USA being the top destinations. These high-net-worth individuals bring substantial assets, contributing to the Forex reserves of their new destinations. Their investments can also stimulate local stock markets through equity placements.

Moreover, businesses established by these millionaires can create numerous high-paying jobs, benefiting the local middle class. Historical examples from the USA, such as Microsoft, Apple, and Tesla, illustrate how millionaire-driven businesses can have a profound economic impact.

Reasons behind migration

Safety and security seems to be a major reason behind this migration trend. Also, pursuing better financial opportunities and tax benefits has a bigger role to play here. Besides these, retirement benefits, business opportunities, high quality of life, better living conditions, educational opportunities, and robust healthcare facilities are perceived to be good enough reasons for these ultra rich Indians to move overseas.