Mumbai, June 19: India has been called "one of the fastest growing countries" in the world with numbers of ongoing development projects and government-facilitated entry of foreign countries. However, according to a report, around 4,300 millionaires are expected to leave India in 2024 and move to other destinations for a number of reasons. 

Although it cannot be called an "exodus",  there is still a considerable number of people leaving the country. The projection about the Indian millionaires leaving the country was reported by Henley & Partners, an international investment migration advisory firm based in London. Last year, a report published by the same firm said that 5,100 Indian millionaires had relocated to other countries, according to a report by NDTV. Elon Musk Flies to France and Attends Cannes Lions 2024 Global Festival, Talks About AI and X Platform; Check Details/

The report said that most of the departing millionaires would retain business in India as well as a second home, suggesting ongoing economic ties. Further, it said that every year, thousands of millionaires leave India for other countries. The report highlighted that many of these departing people would prefer the UAE. According to Henley & Partners, India continued to produce far more new "high-net-worth individuals" than those it lost to emigration. 

Why do Millionaires Move to the UAE?

NDTV reported that the Indian private banks and wealth management platform had been taking active steps to expand into the UAE to provide investment advisory services to their clients. The report said that other banks had also been strengthening their presence in the UAE to ensure competitive wealth management services to Indian families. It pointed out Kotak Mahindra Bank and 360 ONE Wealth as the wealth services providers in the UAE. These firms had reportedly been ensuring not to lose to competitions. 

Global Billionaire's Migration to Other Countries

In 2024, the report highlighted that around 1,28,000 millionaires would relocate mostly to the UAE and the UAE. While these millionaires move to other countries, they make significant contributions to foreign exchange reserves as they move assets with them. These individuals also invest and simulate in local stock markets via equity placement. Besides, these millionaires already operate their businesses, which generate high-profile jobs and benefit middle-class individuals. The same effect was reportedly demonstrated by the tech giants like Microsoft, Apple and Tesla.

Why Millionaires Relocate to Other Countries; Check the Reasons

While there are a number of reasons why the millionaires prefer different countries, the report highlighted that it could include safety, tax benefits, business opportunities, educational opportunities, favourable lifestyle, healthcare or collectively "the quality of life". Indian Government Planning To Revamp PLI Schemes To Boost MSME Sector by Relaxing Norms for Releasing Funds, Including More Sectors.

India currently holds the fifth rank globally in terms of economy and is projected to rank higher in the future. It is also the country that holds the third spot in terms of the migration of millionaires after China and the UK. In terms of population, India has also surpassed China and has become the most populous country in the world. The report said that India's net millionaire departure is less than 30% of China's numbers. 

(The above story first appeared on LatestLY on Jun 19, 2024 05:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).