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Indian Millionaires Are Choosing the UAE for Relocation, Says Report

by Mohammad Naseemaa
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According to a new Henley & Partners report, approximately 4,300 Indian millionaires will relocate abroad this year, with the UAE being a popular destination. Last year, 5,100 Indian millionaires moved.

India Ranks in Millionaire Migration
India is expected to rank third globally in millionaire migrations, trailing only China and the United Kingdom. Despite having the largest population, India’s net millionaire migration is less than 30 percent of China’s.

Economic Impact on India
Even though many millionaires have left, India’s wealth has increased by 85% over the last decade, producing more high-net-worth individuals than it loses. Many of those who leave keep business ties and second homes in India.

UAE Investment Advisory Sector
Indian banks and wealth management firms are expanding into the UAE. For example, Nuvama Private and LGT Wealth Management are helping Indian clients diversify globally. Kotak Mahindra Bank and 360 ONE Wealth are also enhancing their services in the UAE.

Importance of Millionaire Migration
Globally, approximately 128,000 millionaires will relocate in 2024, with the UAE and the United States being popular destinations. These millionaires bring substantial assets, which strengthen foreign exchange reserves and local stock markets. Their businesses also generate high-wage jobs.

Reasons for Migration
High-net-worth families move for safety, financial benefits, tax advantages, business opportunities, better lifestyles, education, healthcare, and overall quality of life.

A millionaire is someone with $1 million or more in liquid investable assets.

As more Indian millionaires move, especially to the UAE, this trend highlights the global shifts in wealth and migration

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