Key Takeaways:
- In 2024, 4,300 Indian millionaires are expected to leave, down from 5,100 the previous year.
- China and the UK will see the largest exodus of millionaires, with 15,200 and 9,500 respectively.
- The UAE tops as a destination with 6,700 millionaires due to zero income tax, Golden Visas, and luxury lifestyle.
How Many Millionaires Are Expected to Leave India in 2024?
According to the Henley Private Wealth Migration Report 2023, India ranks third in the global wealth exodus, with an estimated 4,300 millionaires expected to leave the country in 2024. This marks a decrease from the 5,100 millionaires who departed last year. Andrew Amoils, Head of Research at New World Wealth, noted that “Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country,” underlining the significant economic impact of such migration.
Which Countries Are the Largest Sources of Millionaire Migration?
In 2024, the United Kingdom is forecasted to see an unprecedented net loss of 9,500 millionaires, trailing only China, which is expected to lose 15,200 high-net-worth individuals (HNWIs). The UK’s significant rise from last year’s 4,200 mark has caught many eyes. Dominic Volek, Group Head of Private Clients at Henley & Partners, attributes this trend to a “profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”
What Makes UAE an Attractive Destination for Millionaires?
The United Arab Emirates is predicted to remain the world’s premier destination for migrating millionaires in 2024. The UAE attracts high-net-worth individuals for several compelling reasons:
- Zero Income Tax: The absence of income tax is a significant draw.
- Golden Visas: Long-term residency options such as the Golden Visa offer stability.
- Luxury Lifestyle: The UAE promises a high quality of life with luxury amenities.
- Strategic Location: Its location makes it a business hub connecting Asia, Europe, and Africa.
With a projected net inflow of 6,700 millionaires, the UAE is set to outshine other popular destinations like the United States, which anticipates a net inflow of 3,800 millionaires.
Which Other Countries Are Popular Destinations for Millionaires?
Aside from the UAE, several other nations are becoming increasingly attractive to high-net-worth individuals:
- United States: Expected net inflow of 3,800 millionaires.
- Singapore: Predicted 3,500 new millionaire residents.
- Canada and Australia: Expected to welcome 3,200 and 2,500 millionaires respectively.
- Italy, Switzerland, Greece, Portugal, and Japan: These European and Asian countries are also becoming popular choices for millionaires, largely from China.
How Does Millionaire Migration Impact Destination Countries?
Andrew Amoils explains the broader benefits of incoming millionaires: “Around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60% for centi-millionaires and billionaires.” This influx not only brings diversity but also stimulates local economies through business investments and job creation.
Are Millionaires Affecting Immigration Trends Globally?
Yes, the movement of millionaires is significantly altering global migration trends. The Henley Private Wealth Migration Report 2024 notes, “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023.” This migration wave serves as a bellwether for broader economic and social shifts affecting nations across the globe.
Why Is India’s Wealth Exodus Slowing Down?
The reduced number of millionaires leaving India could be attributed to several factors:
- Economic Stability: Improved economic conditions might encourage HNWIs to stay.
- Investment Opportunities: Increasingly attractive local investment opportunities.
- Government Policies: Favorable policies aimed at retaining wealth within the country.
Where Can I Find More Information on Wealth Migration?
For those interested in more detailed statistics and trends, the Henley & Partners’ Henley Private Wealth Migration Report 2023 provides comprehensive insights. Additionally, VisaVerge.com offers updates on global migration trends, making it a valuable resource for anyone tracking the movement of high-net-worth individuals globally.
The phenomenon of wealth migration affects not just the countries involved but also sets future economic trends that are vital for policy planning and strategic economic decisions. Understanding the nuances of these movements can provide valuable foresight into future global economic landscapes.
Learn Today:
Glossary of Immigration Terms
- High-Net-Worth Individuals (HNWIs):
- Definition: Individuals with significant financial assets, typically defined as having investable finance exceeding $1 million USD, excluding personal assets such as primary residences.
- Context in Content: The term is used to describe the millionaires who are migrating from countries like China and India.
- Forex Revenue:
- Definition: Foreign exchange revenue which refers to money brought into a country through the exchange of foreign currencies.
- Context in Content: Migrating millionaires contribute to the host country’s forex revenue by bringing their significant financial assets.
- Golden Visa:
- Definition: A long-term residency visa provided by certain countries in exchange for significant investment in the nation’s economy.
- Context in Content: Golden Visas are mentioned as a key reason why millionaires are attracted to the UAE.
- Net Inflow:
- Definition: The number of individuals moving into a country minus the number leaving, providing a net figure.
- Context in Content: The term is used when discussing the number of millionaires expected to relocate to countries like the UAE and the United States.
- Wealth Exodus:
- Definition: The mass departure of wealthy individuals from a country, often in search of better opportunities or favorable living conditions elsewhere.
- Context in Content: India’s ranking in the global wealth exodus is highlighted, indicating the large number of millionaires leaving the country.
This Article In A Nutshell:
Millionaires Leaving India in 2024
In 2024, India is expected to see 4,300 millionaires leaving, down from 5,100 last year, according to the Henley Private Wealth Migration Report. The UAE remains a top destination due to zero income tax and luxury lifestyle. This migration has significant economic implications for both India and host nations.
— By VisaVerge.com
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