India among countries known for millionaire migrations
A recent report by Henley & Partners has revealed that the UK, China and India are the top three countries experiencing the highest number of millionaire migrations. The report, which tracked the movement of high-net-worth individuals (HNWIs) across the globe, found that India is expected to lose around 4,300 millionaires in 2024 as against 5,100 millionaire migration in 2023.
Experts attribute this trend to a combination of factors, including geopolitical tensions, economic uncertainties, and social upheaval. However, despite the outward migration of millionaires, India continues to generate new high-net-worth individuals, with the HNWI population growing by 85% over the past decade.
"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.
The report also highlights the top destinations for millionaire migrants, with the UAE, Singapore, and the US emerging as the most popular choices. These countries offer attractive business environments, high standards of living, and excellent education and healthcare systems, making them magnets for HNWIs.
On the global front, the Henley & Partners report projects 128,000 millionaire relocations in 2024 against the 120,000 figures of 2023.
UAE as the top destinaion
The United Arab Emirates (UAE) is set to continue as a leading destination for global wealth as it is expected to draw in a net increase of 6,700 millionaires by the close of 2024. This will be the third year in a row that the UAE tops the charts in attracting the world's affluent individuals.
The forecasted migration of 6,700 millionaires to the UAE nearly doubles the United States' expected figure of 3,800 by the end of 2024. The UAE's growing reputation as a sanctuary for affluent individuals is linked to a variety of contributing factors.
The UAE's attractive tax regulations, advantageous geographic positioning, superior infrastructure, and the launch of the "golden visa" scheme have established it as a top choice for millionaires looking for secure and prosperous ventures.
The Henley Private Wealth Migration Report, published on June 18, highlights the increasing allure of the UAE for high-net-worth individuals (HNWIs) across the globe, as evidenced by the latest data.
