India to Lose Fewer Millionaires in 2024

In 2024 fewer millionaires are expected to leave India compared to the previous two years as noted in The Henley Private Wealth Migration Report 2024. 

Approximately 4,300 millionaires will likely emigrate down from 5,100 the prior year. India ranks third after China and the UK in millionaire migration.

The report suggests a positive outlook despite the steady outflow highlighting growing opportunities for wealthy Indians to invest abroad particularly in Australia and the US. 

The UAE is projected to gain the most millionaires followed by the US and Singapore.

Despite the migration India continues to generate a high number of new millionaires maintaining a robust growth in high net worth individuals (HNWIs). 

Between 2013 and 2023, India increased its millionaire population by 85% ranking tenth globally with 326,400 HNWIs. China ranks second with 862,400 HNWIs.

India holds the fourth position globally in centi millionaires and third in billionaires.

 Millionaire migration reflects economic health, but the report notes that many emigrants maintain business ties and properties in India. 

Additionally India received the largest remittances in 2022, amounting to $111 billion a record achievement.

Globally 128,000 HNWIs are expected to migrate in 2024 with a forecast of 135,000 in 2025.