Buoyed by overall economic development, India has stemmed its wealth exodus, with just 4,300 millionaires projected to leave the country in 2024 — compared to 5,100 last year, a new report has projected.

India is seeing high net outflows because of the success of its sizeable economy in generating new millionaires, according to ‘The Henley Private Wealth Migration Report 2024’.

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The report by international investment migration advisory firm Henley & Partners mentioned that India is witnessing a steady net outflow of millionaires but here, the story is more positive.

“Opportunities for overseas investments are opening up for many wealthy Indians, especially in Australia and the US,” the report added.

The fastest-growing economy in the world, India is likely to be the third country, after China and the UK, in terms of migrations from the country.

India continues to lose 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 noted.

India increased the number of millionaires in the country by 85 per cent in the last decade. With 326,400 HNWIs, India ranks 10th in the world regarding the number of millionaires.

The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024 — second only to China worldwide, and more than double the 4,200 who left the country last year.

“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” said Dominic Volek, Group Head of Private Clients at Henley & Partners.

Sunita Singh-Dalal, Partner leading the Private Wealth & Family Offices at Hourani in Dubai, said that 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,” Singh-Dalal mentioned in the report.