The report by Henley and Partners on the migration of the world's millionaires highlighted that approximately 4,300 millionaires are projected to leave India this year, with a significant number choosing the UAE as their destination. Last year, the same report noted that 5,100 Indian millionaires relocated abroad.
"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 per cent over the past decade, the country continues to produce far newer high-net-worth individuals than it loses to emigration," the report stated.
India, the fastest-growing economy in the world, is expected to rank third globally in terms of millionaire migrations, following China and the UK.
"With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of migrants from Britain and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024," said the report.
The report mentioned the UAE as the world's number one destination for migrating millionaires with its zero-income tax, golden visas, luxury lifestyle, and strategic location and is poised to welcome a record net inflow of 6,700 this year alone.
Indian private banks and wealth management platforms are actively expanding into the UAE to offer seamless investment advisory services to their clients. Recent examples include Nuvama Private and LGT Wealth Management, both known for supporting Indian clients with global diversification and expansion needs.
Similarly, other banks are also bolstering their presence in the UAE, ensuring competitive wealth management services for Indian families. High-net-worth families opt to relocate for various reasons, including safety, financial considerations, tax benefits, retirement prospects, business opportunities, favourable lifestyles, educational opportunities for children, healthcare systems, and overall quality of life.
