Why Are Most Indian Millionaires Choosing UAE To Migrate? Explained

The report by Henley & Partners mentioned that India is witnessing a steady net outflow of millionaires, although the figure is lesser as compared to last year.

New Delhi: 4,300 millionaires projected to leave the country in 2024 -- compared to 5,100 last year, the Henley Private Wealth Migration Report 2024, has said.

The report by the international investment migration advisory firm said that China is again on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year (compared to 13,800 in 2023). 

India on the other hand has stemmed its wealth exodus, dropping down to 3rd place after the UK with just 4,300 millionaires projected to leave the country in 2024 (compared to 5,100 last year). 

South Korea’s HNWI flight is expected to rise with a forecast loss of 1,200 millionaires (compared to 800 in 2023) while the tsunami of millionaires that fled Russia following the outbreak of the Ukraine war appears to be abating with only 1,000 projected to relocate this year (compared to 8,500 in 2022 and 2,800 in 2023), the report added.

Why Are Most Indian Millionaires Choosing UAE To Migrate?

The Henley & Partners report says that UAE remains the world’s number one destination for migrating millionaire. It said that UAE is poised to welcome a record net inflow of 6,700 this year alone. 

Among the reasons why UAE is the most preferred destination are the country's zero income tax, golden visas, luxury lifestyle, and strategic location. 

Sunita Singh-Dalal, Partner leading the Private Wealth & Family Offices at Hourani in Dubai points out in the report, “the evolution and development of the UAE’s wealth management ecosystem is unprecedented. In less than 5 years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth.”