India will lose fewer millionaires in 2024 compared to the previous year: Wealth report

Around 4,300 millionaires are likely to exit the country in 2024 compared with 5,100 in the previous year.

India will lose fewer millionaires to migration in 2024 compared with the previous two years, according to The Henley Private Wealth Migration Report 2024 released on June 18 by Henley and Partners in association with wealth intelligence firm New World Wealth.

Around 4,300 millionaires are likely to exit the country in 2024 compared with 5,100 in the previous year. India is likely to be third after China and the United Kingdom in terms of migrations from the country.

“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 said.

On the other hand, UAE is likely to be the largest beneficiary gaining 6,800 millionaires in 2024, followed by the US and Singapore, it said.

“India continues to lose large numbers of 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 stated.

India was able to increase the number of millionaires in the country by 85 percent between 2013 and 2023, after China, which almost doubled the number of millionaires.

With 326,400 HNWIs, India ranks tenth in the world with respect to millionaires, whereas China is ranked second with 862,400.
The report defines ‘millionaires’ and ‘HNWIs’ as individuals with liquid investable wealth of $1 million or more.

The order

India was fourth in terms of centi-millionaires with 1,044 people with $100 million in wealth, behind Germany with 1,075, China (2,352) and the US (9,850).

In terms of billionaires, India was ranked third with 120 billionaires, around a third of China and an eighth of the US.

Migration of millionaires is an indicator of the health of a country and its economy.

The report noted that in India’s case millionaire exits were also not a problem as they tend to retain business interests and second homes in the country.

A UN report released last month said that India was the beneficiary of the largest remittances at $111 billion in 2022, the first country to cross the $100-billion mark.

The Henley report noted that globally 128,000 HNWIs will migrate in 2024, with the number expected to rise to 135,000 in 2025.