142,000 Wealthy Individuals to Migrate Abroad This Year
Thousands of millionaires may leave India to settle in this Muslim-majority country! Over 4,000 millionaires are expected to migrate this year.
According to a report by Henley & Partners on global millionaire migration, approximately 4,300 Indian millionaires may leave the country this year. A large number of these wealthy individuals may settle in the United Arab Emirates (UAE). Last year, 5,100 wealthy Indians migrated abroad. The number of High Net Worth Individuals (HNIs) in India rose to 797,714 in 2022.
4,300 Indian Millionaires May Leave India This Year
India is creating nearly 34,000 new millionaires annually. The migration of wealthy Indians abroad is no longer a concern, as India is producing more HNIs than those leaving.
India May Surpass China and UK in Millionaire Growth
The number of HNIs in India increased to 797,714 in 2022 from 763,674 in 2021, showing a growth of nearly 34,000 in one year. India is the fastest-growing economy and is expected to rank third globally in millionaire migration, after China and the UK.
Preferred Destination for Millionaires Leaving India
The report states that the UAE is the preferred destination for migrating millionaires due to zero income tax, golden visas, luxury lifestyle, and strategic location. Around 6,700 new millionaires may arrive in the UAE this year.
Why Millionaires Migrate Abroad
Wealthy families migrate for several reasons including security, financial benefits, tax advantages, retirement opportunities, business prospects, favorable lifestyle, better education for children, healthcare facilities, and overall quality of life.