For some Indian millionaires, this country is the top choice to shift to in 2024. Hint: It's not US

India is expected to rank third globally in terms of millionaire migrations, followed by China and the UK.

International investment migration advisory firm Henley & Partners said that approximately 4,300 millionaires are projected to leave India this year, a decrease from 5,100 who relocated outside the country last year. A significant number of those choosing to shift outside India are picking UAE as their destination, the report revealed.

India's net millionaire exodus is less than 30% percent of China's, the report noted.

"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," the report stated.

The report also stated that India is expected to rank third globally in terms of millionaire migrations, followed by China and the UK. India's net millionaire exodus is less than 30% percent of China's, it noted, adding that many millionaires who shift out of India retain business interests and second homes in India.

The report further noted that Indian private banks and wealth management platforms are expanding into the UAE. This comes Nuvama Private and LGT Wealth Management ramped up their global diversification and expansion needs and other banks also increased their presence in the UAE.

The report noted, "Kotak Mahindra Bank and 360 ONE Wealth are joining the dots to provide Indian families with wealth management services on the ground in the UAE, ensuring that they don't lose out to their competitors.