4,300 millionaires may leave India this year. Here's where they are moving to

The Henley Private Wealth Migration Report 2024 has revealed that India is set to experience a significant net loss of 4,300 millionaires this year. While this represents a decrease from the 5,100 who left in 2023, 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.

UAE: A Premier Destination for Indian Millionaires

The United Arab Emirates continues to be a favored destination for Indian millionaires. The UAE is expected to attract a record net inflow of 6,700 wealthy migrants in 2024, bolstered by its zero income tax policy, golden visa programs, luxurious lifestyle, and strategic location.

Sunita Singh-Dalal, Partner at Hourani in Dubai, said, “The evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve, and enhance their wealth.”


Indians are among the top nationalities driving the demand for residence and citizenship by investment programs. Popular choices include Portugal’s Golden Residence Permit Program, Greece’s Golden Visa Program, Spain’s Residence by Investment Program, and Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment. In the Caribbean, Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s Citizenship by Investment Program continue to attract affluent Indians and their families.

Global Wealth Migration Trends

Dominic Volek, Group Head of Private Clients at Henley & Partners, highlights 2024 as a pivotal year for global wealth migration. “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. This great millionaire migration signals a profound shift in the global landscape, with far-reaching implications for both the countries they leave and those they move to,” he says.

Other top destinations for migrating millionaires include the United States, Singapore, Canada, and Australia. These countries are projected to see significant net inflows of wealthy individuals, benefiting from the economic contributions and job creation that HNWIs often bring.

Why are people moving out of India?

The outflow of millionaires from India is driven by a combination of factors, including the search for better lifestyles, safer environments, and access to premium health and education services. Dr. Hannah White OBE, Director and CEO of the Institute for Government in London, points out that economic and political stability are crucial in retaining HNWIs.

Other significant outflows are expected from China, the UK, South Korea, Brazil, South Africa, Taiwan, Vietnam, and Nigeria. Each country faces unique challenges that influence their millionaire migration patterns.

The migration of millionaires has significant economic implications. “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,” Andrew Amoils, Head of Research at New World Wealth, said.

As global wealth migration trends continue to evolve, countries with favorable policies for HNWIs are poised to benefit the most. Henley & Partners’ report underscores the importance of these initiatives in attracting and retaining global wealth.

India's position in the global wealth migration landscape highlights the need for policies that foster economic stability and growth. As wealthy individuals seek better opportunities abroad, countries like the UAE, USA, and Portugal offer attractive options through investment migration programs.