"In 2024, this country is the preferred destination for Indian millionaires to relocate."

India is expected to rank third globally for millionaire migrations, following China and the UK.

Business Jun 19, 2024 0 42 Add to Reading List

"In 2024, this country is the preferred destination for Indian millionaires to relocate."

A report by wealth advisor Henley & Partners suggests fewer Indian millionaires are leaving the country this year. The report estimates around 4,300 millionaires will relocate in 2024, compared to 5,100 last year. Interestingly, the United Arab Emirates (UAE) is emerging as a popular destination for these millionaires.

This phrasing highlights the positive aspect mentioned in the report, that India's economic growth is creating new millionaires at a faster rate than millionaires are leaving the country. rewrite the content

The report further mentioned that India is anticipated to secure the third position globally for millionaire migrations, following China and the UK. It noted that India's net outflow of millionaires is less than 30% compared to China's, highlighting that many millionaires who relocate from India maintain business interests and second homes within the country.

The report also highlighted that Indian private banks and wealth management platforms are increasingly expanding into the UAE. This trend aligns with efforts by entities like Nuvama Private and LGT Wealth Management to enhance their global diversification and expand their operations. Other banks have similarly bolstered their presence in the UAE.

This phrasing highlights the proactive approach by Indian wealth management firms like Kotak Mahindra Bank and 360 ONE Wealth. They are expanding their services to the UAE to cater to the growing Indian millionaire population there. This suggests these firms are confident in their ability to serve their clients abroad and maintain strong financial ties with them.