Around 1,28,000 millionaires worldwide are expected to relocate in 2024
Migrant Millionaires
New Delhi: In 2024, around 4,300 Indian millionaires are expected to leave India, with the United Arab Emirates (UAE) emerging as a favored destination, as reported by Henley & Partners, an international investment migration advisory firm. This marks a continuing trend from last year when 5,100 Indian millionaires relocated abroad.
India, now the most populous nation globally, is predicted to rank third in millionaire migrations, trailing only China and the UK. Despite its large population, India’s net millionaire exodus remains under 30% of China’s figures.
Economic Impacts and Wealth Growth
“While India loses thousands of millionaires each year, with many migrating to the UAE, concerns over the outflows may well be mitigated as with wealth growth of 85% over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration,” the report states. Many departing millionaires maintain business interests and second homes in India, indicating sustained economic ties.
UAE’s Investment Advisory Sector
Indian private banks and wealth management platforms are actively expanding into the UAE to offer seamless investment advisory services to their clients. Notable examples include Nuvama Private and LGT Wealth Management, both recognized for supporting Indian clients with global diversification and expansion needs.
Other banks are also strengthening their presence in the UAE, ensuring competitive wealth management services for Indian families. “Kotak Mahindra Bank and 360 ONE Wealth are joining the dots to provide Indian families with wealth management services on the ground in the UAE, ensuring that they don’t lose out to their competitors,” the Henley report highlighted.
Global Migration Trends
Around 1,28,000 millionaires worldwide are anticipated to relocate in 2024, with the UAE and the USA topping the list of preferred destinations. Migrating millionaires contribute significantly to foreign exchange reserves by moving substantial assets with them. Their investments also stimulate local stock markets through equity placements.
Moreover, businesses established by millionaires often create numerous high-paying jobs, benefiting the middle class. Examples like Microsoft, Apple, and Tesla have demonstrated this effect in the USA. A millionaire is defined as an individual with liquid investable assets totaling $1 million or more.
Reasons for Migration
High-net-worth families opt to relocate for various reasons, including safety, financial considerations, tax benefits, retirement prospects, business opportunities, favorable lifestyles, educational opportunities for children, healthcare systems, and overall quality of life.
In conclusion, while the migration of Indian millionaires to countries like the UAE continues to rise, the robust growth of wealth in India suggests a resilient economy capable of producing new high-net-worth individuals at a faster rate than the outflow. The ongoing ties these millionaires maintain with India also contribute positively to the country’s economic landscape.
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