‘Millionaire exodus from India dropped, it is less than 30% of China'
India, the fastest-growing economy in the world, is expected to rank third globally in terms of millionaire migrations.
ANI
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India loses thousands of millionaires each year due to migration
NEW DELHI, 19 JUNE
India has now overtaken China as the world's most populous nation but the net millionaire exodus from India is less than 30 per cent of China's, highlighted a report by Henley and Partners on the migration of the world's millionaires.
The report also highlighted that approximately 4,300 millionaires are projected to leave India this year, with a significant number choosing the UAE as their destination. India has now overtaken China as the world's most populous nation but the net millionaire exodus from India is less than 30 per cent of China's, highlighted a report by Henley and Partners on the migration of the world's millionaires. The report also 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 more new
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. (ANI)
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