E-Paper
Number of millionaires leaving India will reduce in 2024: Report
Around 4,300 millionaires are likely to leave India 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.
Around 4,300 millionaires are likely to exit the country in 2024 compared with 5,100 in the previous year, according to the report.
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“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.
The report defines ‘millionaires’ and ‘HNWIs’ as individuals with liquid wealth of $1 million ( ₹8.34 crore) or more.
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.
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The UAE is likely to be the largest beneficiary, gaining 6,800 millionaires in 2024, followed by the US and Singapore, the report said, adding that India was able to increase the number of millionaires in the country by 85% between 2013 and 2023, after China, which almost doubled its 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, according to the report.
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), the report read.
In terms of billionaires, India was ranked third with 120 billionaires, around a third of China and an eighth of the US.
