New Delhi: Approximately 4,300 millionaires are poised to leave India this year, according to the latest Henley Private Wealth Migration Report 2024.
This report, released by the international investment migration advisory firm Henley & Partners, indicates that India has reduced its wealth exodus and now ranks third after the United Kingdom0, where 4,300 millionaires are projected to depart in 2024 as compared to 5,100 last year.
The report highlights that China is expected to experience the largest global outflow of millionaires, with an estimated 15,200 high-net-worth individuals (HNWIs) leaving the country this year, up from 13,800 in 2023. Meanwhile, the UK anticipates an unprecedented net loss of 9,500 millionaires in 2024, making it the second-largest global loser after China. This figure is more than double of last year's exodus of 4,200 HNWIs, which itself was a record following the departure of 1,600 in 2022.
UAE Emerges Top Choice
For the third year running, the United Arab Emirates (UAE) looks set to maintain its status as the top choice for wealthy individuals worldwide, with an expected influx of 6,700 affluent migrants making the Emirates their new home by the end of the year. This trend is particularly driven by a substantial number of arrivals from the United Kingdom and Europe.
The report focuses on the real-life impact of these trends on millionaires, highlighting how many are choosing to relocate to the UAE compared to those leaving, based on data from global wealth intelligence firm New World Wealth, known for its decade-long tracking of wealth migration patterns.
Reason Behind Migration
Dominic Volek, Group Head of Private Clients at Henley & Partners, describes 2024 as a pivotal year in global wealth migration. He states, "This year is shaping up to be a landmark in the movement of wealth worldwide, with an unprecedented 128,000 millionaires expected to relocate, surpassing the previous record of 120,000 in 2023."
"Amidst ongoing geopolitical tensions, economic uncertainties, and social changes, millionaires are increasingly choosing to relocate. This significant migration of wealth signals a profound shift in global dynamics and the distribution of wealth and influence, with profound implications for the countries they leave and those they adopt as their new homes,” added Volek.
Why is the UAE a millionaire magnet?
The report indicates that due to its zero income tax, attractive golden visa programs, luxurious lifestyle, and strategic location, the UAE has firmly established itself as the world's premier destination for migrating millionaires. It is projected to experience a record net inflow of 6,700 millionaires this year alone.
With consistently high numbers of arrivals from India, the broader Middle East, Russia, and Africa, alongside increasing interest from British and European nationals, the Emirates is set to attract nearly double the number of millionaires compared to its closest competitor, the US, which anticipates a net inflow of 3,800 millionaires in 2024.
Following the UAE, Singapore maintains its position as the third most popular destination this year with a net inflow of 3,500 millionaires. Canada and Australia continue as perennial favourites for migrating millionaires, ranking fourth and fifth respectively with net inflows of 3,200 and 2,500.
In Europe, Italy (+2,200), Switzerland (+1,500), Greece (+1,200), and Portugal (+800) all feature in this year's top 10 for net millionaire inflows. Additionally, Japan is on track to welcome 400 wealthy migrants, driven partly by an increasing trend of Chinese high-net-worth individuals relocating to Tokyo following the COVID-19 pandemic.
