India may lose 3,500 millionaires to relocation abroad.
India is expected to witness the relocation of around 3,500 millionaires abroad in 2025, reflecting a growing trend among high-net-worth individuals seeking better opportunities, lifestyle, and tax regimes overseas. Among the preferred destinations, the United Arab Emirates (UAE) continues to top the list, attracting Indian millionaires with its investor-friendly policies, luxurious lifestyle, and strategic location. The UAE’s zero income tax and global connectivity make it an appealing choice. Other popular destinations include Singapore, the United States, and Australia. This migration trend highlights shifting global wealth patterns and changing priorities among India’s affluent class.
India Set to See 3,500 Millionaires Relocate Abroad in 2025, Despite Slowing Trend
A Slowing, But Persistent Trend
The steady outflow of millionaires from India has long been a topic of discussion among policymakers, economists, and wealth managers. However, recent data reveals a gradual decline in the number of HNWIs opting to leave the country. This figure dropped to 4,300 in 2024, and is projected to fall further to 3,500 in 2025.
The country consistently ranks among the top three nations with the highest number of HNWIs choosing to shift their base to other countries. This underscores a complex interplay of factors ranging from tax policy to quality of life, even as India’s economy continues to grow and generate new wealth.
Why Are Indian Millionaires Leaving?
Some of the most commonly cited motivations include:
- Tax Policies: Countries like the UAE, Monaco, and Singapore offer low or zero income tax regimes, making them attractive to wealthy individuals who seek to optimize their tax liabilities.
- Lifestyle Preferences: Destinations such as Switzerland, Greece, and Portugal offer high standards of living, better air quality, healthcare, and personal safety, which are increasingly influencing relocation decisions.
- Business Opportunities: Dubai, the United States, and Saudi Arabia are considered business-friendly environments that offer access to global markets, regulatory ease, and technological innovation.
- Golden Visa Programs: Many nations offer residency and citizenship-by-investment programs, which provide visa-free travel, better education options for children, and long-term security. Portugal, Malta, and the UAE are among the most sought-after in this regard.
India’s Growing Wealth Base
Interestingly, the outflow of millionaires is occurring alongside a significant rise in the number of wealthy individuals within India itself. According to the Henley report, the number of millionaires in India increased by an impressive 72% between 2014 and 2024. This indicates that while some are leaving, the domestic wealth creation story remains robust.
However, those choosing to relocate are taking substantial amounts of capital with them.
Global Wealth Migration Trends
Globally, 2025 is projected to witness a record 142,000 millionaires relocating across borders, highlighting a significant surge in international wealth mobility. Among the top destinations for incoming wealth, the United Arab Emirates (UAE) continues to dominate, expecting a net inflow of 9,800 millionaires in 2025.
Dubai, in particular, has emerged as a global magnet for wealthy individuals and entrepreneurs.
The U.S. continues to attract talent and capital with its vast market, strong legal framework, and global influence.
With massive investments in infrastructure and diversification under the Vision 2030 plan, Saudi Arabia is transforming itself into a global business and innovation hub.
Countries Losing Millionaires
While some countries are gaining from this redistribution of wealth, others are witnessing sharp outflows. The United Kingdom is projected to lose 16,500 millionaires in 2025 — the highest net outflow globally. This dramatic trend is attributed to rising taxes, post-Brexit economic uncertainty, and changes in the UK’s non-domicile tax rules.
Other European nations such as France, Germany, and Spain are also expected to see negative net migration of wealthy individuals, with many choosing to move to more tax-efficient or business-friendly jurisdictions.
Strategic Migration and Its Global Impact
According to Dr. Juerg Steffen, CEO of Henley & Partners, strategic wealth migration is reshaping the global economic landscape. “The wealthy are increasingly seeking stability, freedom, and opportunity elsewhere,” he noted in the report. Countries that offer a compelling combination of economic freedom, personal safety, and global mobility are reaping the benefits of attracting the world’s wealthiest.
This redistribution of wealth has significant implications for both source and destination countries. While receiving nations benefit from capital inflows, job creation, and increased investment, countries losing HNWIs face challenges in terms of capital flight, reduced domestic investment, and slower innovation.
Looking Ahead
For India to retain its wealthy citizens, experts suggest reforms in areas such as taxation, ease of doing business, and improved infrastructure and public services.
At the same time, the rise in the number of millionaires within India shows that the country remains a strong generator of wealth. Balancing this dual narrative—rising wealth creation and steady outward migration—will be crucial for India’s long-term economic strategy.
As global mobility increases and countries compete to attract the world’s wealthiest, the phenomenon of millionaire migration is likely to remain a key theme in the geopolitical and economic discourse in years to come.