Around 4,300 Indian millionaires expected to migrate this year, many will move to UAE: Report

New Delhi: Around 4,300 millionaires are expected to migrate from India this year, with a large number of them choosing to reside in UAE after leaving their home country, says a recent report by Henley and Partners, an international investment migration advisory firm.

While India is the fastest-growing economy in the world, it is expected to rank third globally in terms of millionaire migrations, after China and the UK, reported NDTV.

India, which has now surpassed China to become the world’s most populous country, has a net millionaire exodus that is less than 30 per cent of China's.

The same report had highlighted last year that 5,100 millionaires from India had migrated 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% over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration," NDTV quoted the report.

In recent times, many Indian private banks are expanding in UAE in wake of the continuous migration of Indian high net worth individuals to the country. Some of the banks and financial institutions which are providing wealth management services for Indian families include the Kotak Mahindra Bank and 360 ONE Wealth, reported NDTV.

The migration of millionaires is a phenomenon that has significant influence on the foreign exchange reserves of a country because these high net worth individuals also move a substantial chunk of their assets while migrating to another country.

The main reasons for migration of millionaires from their home country include tax benefits, safety and financial considerations, retirement prospects, business opportunities and better lifestyle, said the NDTV report.

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