Many wealthy Indian entrepreneurs, who could create jobs and businesses in the country, are leaving India. According to the Henley & Partners Report 2024, around 4,300 millionaires are expected to leave India this year. India ranks third in the world for millionaire migration, after China and the UK.
Last year, about 5,100 Indian millionaires migrated to other countries. The report highlights that most Indian millionaires are moving to the UAE, making it the biggest beneficiary of these migrations. By 2024, the UAE is expected to welcome around 6,800 millionaires. Following the UAE, the USA and Singapore are the next popular destinations.
Between 2013 and 2023, the number of Indian millionaires in the UAE grew by 85%. Currently, India has 326,400 high-net-worth individuals (HNWIs), making it the tenth largest in the world. China is second with 862,400 HNWIs. India ranks third globally with 120 billionaires, compared to one-third in China and one-eighth in the USA.
Why Are They Leaving? Economic experts suggest that the prevailing conditions in India, including new regulations imposed by the central government, are driving millionaires away. Factors such as security, economic conditions, tax benefits, business opportunities, education for children, healthcare, and living standards are also influencing their decision to migrate.
