An increasing number of millionaires are choosing to relocate, with approximately 10,000 millionaires having left India in the past two years, as per the Henley Private Wealth Migration Report. The 2024 report predicted that India will see a notable net loss of 4,300 millionaires this year. Although this figure is lower than the 5,100 who left in 2023, India still ranks high among countries experiencing high-net-worth individual (HNWI) departures globally. This trend is part of a larger pattern of wealth migration driven by factors such as geopolitical tensions, economic instability, and social unrest.
As millionaires depart one country, another opens its doors, recognizing the potential economic benefits. The presence of a wealthy individual in a country often leads to an increase in sales tax revenue, surpassing what many average taxpayers contribute in income taxes.
Tapan Doshi, a SEBI Registered Research Analyst and financial planner, noted in a social media post that over the last two years, approximately 10,000 millionaires have departed India through ‘invest and migrate’ initiatives. These affluent individuals are looking for improved prospects and living standards by putting their money into overseas real estate or ventures.
Key countries of interest for these individuals include the United States, Portugal, and the United Arab Emirates, which provide appealing residency and citizenship opportunities.
“In the past two years, about 10,000 millionaires have left India through ‘invest and migrate’ programs. These high-net-worth individuals are seeking better opportunities and living conditions by investing in foreign properties or businesses. Top destinations include the US, Portugal, and the UAE, offering attractive residency or citizenship options. This trend is fueled by windfall gains from stock markets, ESOP payouts, and lucrative compensation packages. Additionally, many have children studying abroad and see this as a pathway to secure their futures. Countries welcome these investments, benefiting from the influx of capital and skilled residents. Is this the new roadmap for global mobility among India’s affluent,” Doshi wrote on X.
Migration of millionaires
In 2025, an estimated 142,000 high-net-worth individuals (HNWIs) possessing liquid investable wealth of $1 million or greater are poised to explore new opportunities. This unprecedented surge represents the largest wealth migration on record, signaling a paradigm shift in the way affluent individuals navigate geographic and financial strategies, as revealed in Henley & Partners’ annual outlook report.
The movement of affluent individuals out of India is influenced by various factors such as the pursuit of enhanced lifestyles, secure surroundings, and access to high-quality health and education services. As affluent individuals explore better opportunities overseas, countries like the UAE, USA, and Portugal present appealing options through investment migration initiatives.
The relocation of millionaires carries substantial economic significance. These migrating individuals represent a crucial source of foreign exchange revenue, as they typically bring their wealth with them when relocating to a new country. Additionally, approximately 20% of them are entrepreneurs and business owners who may establish new enterprises, thereby generating employment opportunities in their new locale. Notably, this percentage escalates to over 60% for ultra-high-net-worth individuals.