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Indian Millionaire Migration Trends Persist in 2024

Indian Millionaire Migration Trends Persist in 2024

Nearly 4,300 millionaires are expected to leave India this year, with many opting for the UAE as their new home, according to a recent report by Henley & Partners, an international investment migration advisory firm. This follows the relocation of 5,100 Indian millionaires abroad last year.

Despite being the world's fastest-growing economy, India is projected to rank third globally in millionaire migrations, trailing only China and the UK. Although India has surpassed China as the world's most populous nation, its net exodus of millionaires is less than 30% of China's.

"While India loses thousands of millionaires each year, many migrating to the UAE, concerns over these outflows may be alleviated by the country's impressive wealth growth of 85% over the past decade. This growth has enabled India to generate more new high-net-worth individuals than it loses to emigration," the report notes.

The report also emphasizes that many departing millionaires maintain business interests and second homes in India, indicating sustained economic ties. This trend suggests that despite their relocation, these individuals continue to contribute to India's economy.

India's robust wealth generation contrasts with the outflow of millionaires, reflecting the country's dynamic economic landscape. The migration of high-net-worth individuals, while significant, is offset by the continuous creation of new wealth within the country. This dynamic mitigates potential concerns over the economic impact of millionaire migration.

Henley & Partners' report provides a comprehensive overview of the migration patterns of Indian millionaires, highlighting the UAE as a favored destination. The ongoing economic connections of these emigrants underscore the complex relationship between migration and economic growth in India.

As India continues to grow economically, the outflow of millionaires is expected to be balanced by the influx of newly wealthy individuals, sustaining the country's economic momentum.

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Indian Millionaire Migration Trends Persist in 2024

Indian Millionaire Migration Trends Persist in 2024

Nearly 4,300 millionaires are expected to leave India this year, with many opting for the UAE as their new home, according to a recent report by Henley & Partners, an international investment migration advisory firm. This follows the relocation of 5,100 Indian millionaires abroad last year.

Despite being the world's fastest-growing economy, India is projected to rank third globally in millionaire migrations, trailing only China and the UK. Although India has surpassed China as the world's most populous nation, its net exodus of millionaires is less than 30% of China's.

"While India loses thousands of millionaires each year, many migrating to the UAE, concerns over these outflows may be alleviated by the country's impressive wealth growth of 85% over the past decade. This growth has enabled India to generate more new high-net-worth individuals than it loses to emigration," the report notes.

The report also emphasizes that many departing millionaires maintain business interests and second homes in India, indicating sustained economic ties. This trend suggests that despite their relocation, these individuals continue to contribute to India's economy.

India's robust wealth generation contrasts with the outflow of millionaires, reflecting the country's dynamic economic landscape. The migration of high-net-worth individuals, while significant, is offset by the continuous creation of new wealth within the country. This dynamic mitigates potential concerns over the economic impact of millionaire migration.

Henley & Partners' report provides a comprehensive overview of the migration patterns of Indian millionaires, highlighting the UAE as a favored destination. The ongoing economic connections of these emigrants underscore the complex relationship between migration and economic growth in India.

As India continues to grow economically, the outflow of millionaires is expected to be balanced by the influx of newly wealthy individuals, sustaining the country's economic momentum.

 

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