India may lose 4,300 millionaires this year: Henley’s
Baku, June 20, AZERTAC
India appears to have reduced the exodus of its millionaires, with fewer rich people projected to leave the country than last year, according to Henley’s private wealth migration report, according to Press Insider.
This year, about 4,300 millionaires are projected to leave the country when compared with 5,100 last year, the report pointed out.
Millionaires and high net-worth individuals (HNWIs) are individuals with liquid investable wealth of $1 million or more.
India has dropped a spot from last year to third place after the United Kingdom in a list led by China.
This year, China is estimated to lose 15,200 HNWIs, up from 13,800 last year, while UK may see about 9,500 millionaires leaving the country, which is more than twice the 4,200 millionaires who left the UK in 2023.
South Korea’s HNWI flight is expected to increase, with a forecast loss of 1,200 millionaires compared to 800 in 2023.
To be sure, the rush of millionaires fleeing Russia following the Ukraine war appears to be abating, with only 1,000 projected to relocate this year against 8,500 in 2022 and 2,800 in 2023.
Hannah White, director and CEO of the independent think tank the Institute for Government in London, said HNWIs are leaving these other countries for entirely different reasons from the UK.
“Both China and India are seeing high net outflows because of the success of their sizeable economies in generating new millionaires,” White said.
Indian millionaires often leave in search of a better lifestyle, safer and cleaner environment, and access to more premium health and education services, White added.
Dominic Volek, group head of private clients at Henley and Partners, said 2024 is shaping up to be a watershed moment in the global wealth migration.
“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” Volek said.
He added that “this great millionaire migration” is a leading indicator in many respects, “signaling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those they make their new home.”
Trevor Williams, former chief economist at Lloyds Bank Commercial, said, “Wealth growth is unevenly distributed, with developing and emerging economies forecast to grow at over 4% over the next five years—more than twice the rate of the advanced economies. That has enormous implications for the future growth and distribution of millionaires and billionaires worldwide. Many countries from the so-called developing world are seeing a significant increase in their ultra-high-net-worth individual populations.”
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