Why are Indian millionaires migrating to UAE?
A report by Henley & Partners reveals that around 4,300 Indian millionaires are expected to emigrate this year, with the UAE being a top choice.
This follows the departure of 5,100 Indian millionaires last year.
India, now the world’s most populous nation and the fastest-growing major economy, is projected to rank third globally in millionaire migration, trailing China and the UK.
Despite this, India’s net exodus of millionaires is less than 30% of China’s.
Economic Resilience and Wealth Creation:
Concerns over the departure of wealthy individuals from India are tempered by the country’s robust wealth creation.
Over the past decade, India has seen an 85% increase in wealth, outpacing the number of millionaires leaving.
Also read: UAE family residency visa – eligibility criteria
Many of those who relocate continue to retain business interests and secondary residences in India, maintaining strong economic connections.
UAE’s Magnetic Appeal:
The UAE has emerged as a key destination for Indian millionaires, prompting Indian private banks and wealth management firms to strengthen their presence there.
Firms like Nuvama Private and LGT Wealth Management are expanding their operations in the UAE to support Indian clients with their global investment needs.
Similarly, Kotak Mahindra Bank and 360 ONE Wealth are enhancing their services in the UAE to remain competitive.
Global Trends in Millionaire Migration:
Globally, approximately 128,000 millionaires are anticipated to migrate in 2024, with the UAE and the USA being the most popular destinations.
The movement of these wealthy individuals significantly boosts foreign exchange reserves due to the substantial assets they transfer.
Also read: UAE government launches “Bread for All” initiative
Their investments can invigorate local stock markets, and the businesses they establish often generate high-paying jobs, benefiting the middle class.
Why are Indian millionaires migrating to UAE?
High-net-worth individuals choose to relocate for various reasons, including:
- Safety and Financial Security: Ensuring personal and asset protection.
- Tax Incentives: Benefiting from favorable tax regimes.
- Retirement Opportunities: Seeking better environments for retirement.
- Business Ventures: Exploring new business opportunities.
- Enhanced Lifestyle: Enjoying a higher quality of life.
- Educational Prospects: Accessing superior education for their children.
- Healthcare Services: Availing advanced healthcare facilities.
- Overall Living Standards: Improving their standard of living.
While India faces a notable outflow of millionaires, its substantial wealth generation indicates a balanced and resilient economic outlook.
UAE to attract over 6,700 millionaires in 2024, mostly from India, Russia, Africa #uaemillonaires #indian #russia #africa #taxfree #uae🇦🇪 #superviral #dubai #tiiktokreels #foryou #100kviews #trending #viralvideo #worldtravel pic.twitter.com/iZsCcyaONl
— Junaid Aamir Khan (@JunaidAamirKhan) June 18, 2024
The strategic expansion of Indian financial services into the UAE highlights the importance of maintaining strong economic ties and supporting the global aspirations of Indian high-net-worth individuals.
