India stems wealth exodus amid robust economic development: Report

New Delhi, Jun 19 (IANS): Buoyed by overall economic development, India has stemmed its wealth exodus, with just 4,300 millionaires projected to leave the country in 2024 -- compared to 5,100 last year, a new report has projected.

India is seeing high net outflows because of the success of its sizeable economy in generating new millionaires, according to ‘The Henley Private Wealth Migration Report 2024’.

The report by international investment migration advisory firm Henley & Partners mentioned that India is witnessing a steady net outflow of millionaires but here, the story is more positive.

“Opportunities for overseas investments are opening up for many wealthy Indians, especially in Australia and the US,” the report added.

The fastest-growing economy in the world, India is likely to be the third country, after China and the UK, in terms of migrations from the country.

India continues to lose millionaires, especially to the UAE. “However, in our view, these outflows are not particularly concerning as India continues to produce far more new high net worth individuals (HNWIs) than it loses to emigration,” the report noted.

India increased the number of millionaires in the country by 85 per cent in the last decade. With 326,400 HNWIs, India ranks 10th in the world regarding the number of millionaires.

The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024 -- second only to China worldwide, and more than double the 4,200 who left the country last year.

“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” said Dominic Volek, Group Head of Private Clients at Henley & Partners.

Sunita Singh-Dalal, Partner leading the Private Wealth & Family Offices at Hourani in Dubai, said that the evolution and development of the UAE’s wealth management ecosystem is unprecedented.

“In less than 5 years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth,” Singh-Dalal mentioned in the report.






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Comment on this article

  • M.Mathias, Mangalore

    Wed, Jun 19 2024

    People are leaving India because India is ruled by a uneducated person from 2014 by poisoning innocent brains and by corruption.

    DisAgree Agree [6] Reply Report Abuse

  • KS Mayya, Mangalore/Bangalore

    Wed, Jun 19 2024

    Thanks to Congress victory, with 99 seats in Lok Sabha, this was expected. Wealth redistribution is soon going to be reality. Rs. 8000 per month will start retrospectively from 04 June. And then, first right of rejection to minorities in the nation's resources, means that wealth exodus has stopped.

    DisAgree [3] Agree [1] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai-Mangalore

    Wed, Jun 19 2024

    @Monty Dada; please study the: Henley private wealth migration report 2024, and get the ground reality 😜😜🙏

    DisAgree [1] Agree [1] Reply Report Abuse

  • Shashi, Manglore

    Wed, Jun 19 2024

    Modi hai tho mumkin hai he is the next best person after Abraham Lincoln.i think he should be rated first. he is Sent by God himself he already told in interview. We should make Modi temple in every state

    DisAgree [2] Agree [1] Reply Report Abuse

  • Monty Dotor, Mangalore

    Wed, Jun 19 2024

    Modi Hai To Mumkin Hai....

    DisAgree [4] Agree [17] Reply Report Abuse

  • AD, Mangalore

    Wed, Jun 19 2024

    Looks like they were not expecting Modi to return to power. Now that he is back they will resume their exodus

    DisAgree [6] Agree [6] Reply Report Abuse

  • Narendra Kumar, Mangalore

    Wed, Jun 19 2024

    Point to be noted ✅️

    DisAgree Agree Reply Report Abuse

  • Monty Dotor, Mangalore

    Wed, Jun 19 2024

    Now the migration is in the reverse...gaadi me reverse gear..

    DisAgree Agree [2] Reply Report Abuse

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