Henley & Partners, the world’s largest investment migration consultancy company based in London, has published Henley Private Wealth Migration Report 2024 on June 18. According to the report, around 4300 high net-worth individuals are likely to leave India permanently, to settle abroad in the year 2024. The figure was 5,100 in 2023.
The report sets the wealth benchmark for assessing the migration patterns of individuals, at US$1 million or more in terms of liquid, investable wealth.
Registering the third-highest loss of millionaires in any country in the world, India will have 4,300 fewer high-net-worth individuals by the end of this year. However, the migration from India does not necessarily indicate economic distress. If the pace of generating new millionaires and the inflow of foreign remittances are any indicators, India’s economic environment is robust. There is a slowdown in the migration of India’s millionaires in 2024, which can be interpreted as a positive development for India
Indians with a net worth more than US$100 million are 1044, making it fourth in ranking after Germany, China, and the US. The US has eight times more billionaires than India, which has 120 such individuals, whereas China has three times more. India, at tenth place, has 3,26,400 millionaires, whereas China, with 8,62,400 HNWIs, is placed at second.
With 15,200 wealthy individuals choosing to live abroad, China will face the single largest exodus in 2024. Such a high number highlights a rather flattering side of the tale: the number of millionaire migrants is higher because China’s economy generates an even higher number of millionaires. The United Kingdom will have 9500 individuals choosing to leave the shores of England, due to the economic impact of Brexit, and changes to tax laws. South Korea is the fourth in the list of countries from which millionaires chose to leave. There are around 1,000 millionaires likely to leave Russia this year, thanks to the economic sanctions linked to its war in Ukraine.
In the face of a world experiencing economic uncertainty and political instability, the report predicts the migration of about 1,28,000 HNWIs seeking stability, lucrative investment opportunities, and attractive lifestyles.
The United Arab Emirates is likely to attract 6,700 millionaires in 2024, largely from other Middle Eastern countries, African countries, Russia, and India, making it the country with the highest number of inward migrants. The United States is a preferred choice for millionaires migrating from Western countries, with a 62% increase in its millionaire population, expecting 3,800 individuals this year. Singapore’s strong economy and high standard of living attract the rich, mainly from China, among other countries. While Canada remains a preferred destination for migrating millionaires from Europe and Asia, around 2500 wealthy individuals will move to Australia in 2024.
In related news, a United Nations report said that India became the first country to surpass the US dollar 100 billion threshold when it received $111 billion in remittances in 2022. This figure highlights India’s economic resilience despite migration trends.
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