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4300 millionaires likely to move out of India in 2024, But Why?


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According to a report by investment migration consultancy Henley & Partners, approximately 4,300 Indian millionaires are expected to leave the country in 2024. These high-net-worth individuals, with liquid investable wealth of at least $1 million, are likely to migrate to the United Arab Emirates (UAE). This migration trend is driven by factors such as safety and security, financial concerns, taxes, business opportunities, lifestyle preferences, education opportunities for children, and access to better healthcare systems and standards of living.

Global Comparison of Millionaire Migration

If these projections hold true, India will have the third-highest net outflow of millionaires in 2024, following China (15,200) and the United Kingdom (9,500). Overall, it is estimated that around 128,000 millionaires worldwide will migrate to a new country this year, with the UAE and the United States being the top destinations.

Indicator of Economic Health

The migration figures of millionaires are considered an important indicator of the overall health of an economy, especially when the outflow is significant. In many developing nations, high-net-worth individuals are driven to countries where they can enjoy a higher standard of living, better healthcare and education services, and safer and cleaner environments. Therefore, the outflow of millionaires from India raises questions about the country’s economic conditions.

Positive Retention of Business Interests

While the predicted outflow of Indian high-net-worth individuals is lower this year compared to the previous year (5,100), it is encouraging to note that a significant number of individuals leaving India still retain their business interests and secondary homes in the country. This retention indicates a positive sign for the Indian economy.

Mitigation of Outflow Concerns

The report suggests that concerns over the outflow of millionaires from India may be mitigated by the country’s impressive wealth growth of 85% over the past decade. Despite the emigration of some high-net-worth individuals, India continues to produce a substantial number of new millionaires, offsetting the loss to some extent.

In conclusion, the projected migration of Indian millionaires in 2024 highlights the importance of factors such as safety, financial considerations, lifestyle preferences, and access to better services. While the outflow raises concerns, the retention of business interests and the continued growth of high-net-worth individuals in India provide a measure of reassurance for the country’s economy.

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