Exodus of millionaires & billionaires; India may have to deal with this problem on an urgent as a study suggests that at least 4300 Indian millionaires will leave the country in 2024. As per the Henley Private Wealth Migration Report 2024, India is set to experience a significant net loss of 4,300 millionaires this year (2024). Interestingly, Indian millionaires migration numbers reported by Henley represent a decrease from the 5,100 who left in 2023 on a brighter side for India. Still, in the report, India remains one of the top countries for high-net-worth individual (HNWI) departures globally. This trend reflects a broader pattern of wealth migration influenced by geopolitical tensions, economic uncertainty, and social upheaval. Now, the question arises what Indian millionaires' exodus reason? Below is what the study suggests-
Why Indian 'Richie Richs' are leaving India?
As per reports, multiple factors are contributing to millionaires' migration or exodus from India. The factors include the search for better lifestyles, safer environments, and access to premium health and education services. Experts quoted by multiple reports pointed out that economic and political stability are crucial in retaining HNWIs.
For those who are unaware, the exodus of millionaires has significant economic implications. Andrew Amoils, Head of Research at New World Wealth was quoted saying that millionaires are vital source of forex revenue as they bring money with them. "Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60% for centi-millionaires and billionaires.
Where the Indian millionaires will go?
Well, there are multiple countries on the list. However, UAE's Dubai is at the top spot. Henley's report suggests that Indian millionaire prefers the United Arab Emirates (USE) as their preferred choice. The UAE is expected to attract a record net inflow of 6,700 wealthy migrants in 2024. The reason why UAE is a sweetheart for millionaires is because of its zero income tax policy, golden visa programs, luxurious lifestyle, and strategic location.
Apart from UAE, other countries where the Indians prefer are- the United States, Singapore, Canada, and Australia.
It is pertinent to mention here that India is not the only country that is witnessing an exodus of millionaires. Other significant outflows are expected from China, the UK, South Korea, Brazil, South Africa, Taiwan, Vietnam, and Nigeria.
Notably, India has 3,26,400 HNWIs and 120 billionaires which is the third highest in the world.