India continues to see a steady outflow of millionaires, though the trend has slowed compared to previous years.
According to the Henley Private Wealth Migration Report 2025, around 3500 Indian millionaires are expected to leave the country in 2025.
Decline in millionaire migration from India
In 2023, 5,100 Indian millionaires were expected to leave the country. The figure declined to 4,300 in 2024.
Despite the decline, India remains one of the top sources of high-net-worth individuals (HNWIs) migrating globally.
The report highlights that between 2014 and 2024, the number of millionaires in India surged by 72 percent. However, those seeking to relocate abroad are taking an estimated USD 26.2 billion in wealth with them.
Global millionaire migration trends
The report projects a record 142,000 millionaires will move internationally in 2025.
Among the destinations, the UAE remains on the top. The country is expecting a net inflow of 9800 millionaires. The US follows with 7500, while Saudi Arabia emerges as a rising hub with 2400 new millionaires.
Meanwhile, the UK is set to lose 16,500 millionaires, the highest outflow globally, due to tax reforms and Brexit fallout.
Other European nations like France, Spain, and Germany are also seeing net outflows.
Why are millionaires leaving India?
Key reasons for Indian millionaires relocating include:
- Better tax policies (UAE, Monaco, Singapore)
- Lifestyle preferences (Portugal, Greece, Switzerland)
- Business opportunities (Dubai, Saudi Arabia, USA)
- Golden visa programs offering residency and citizenship benefits
Future of wealth migration
Dr. Juerg Steffen, CEO of Henley & Partners, notes that strategic wealth migration is reshaping global economies. “The wealthy are increasingly seeking stability, freedom, and opportunity elsewhere,” he says.
While fewer Indian millionaires are leaving the country compared to previous years, the trend still highlights challenges.
