Why is the UAE the new safe haven for India's "Richie Rich" is explained.

The UAE is now the favored location for affluent Indians.
India is anticipated to lose 4,300 millionaires to the United Arab Emirates in 2023.
Indians made up 40% of Dubai's homebuyers in 2022.
Due to their migration in pursuit of better opportunities, Indians can be found in most parts of the world. Some of the popular countries are the US, UK, Australia, and Canada.

The United Arab Emirates (UAE), however, is the most recent destination of choice for the ultra-wealthy, according to a report by the international investment migration consultancy firm Henley & Partners.

According to the survey, 4,300 millionaires are predicted to depart India this year, with the majority of them traveling to Dubai, United Arab Emirates.

"India keeps losing a lot of millionaires, particularly to the United Arab Emirates. However, given that India continues to produce significantly more new HNWIs than it loses to emigration, we do not believe that these outflows are very alarming. Additionally, the majority of millionaires who depart from India typically keep their businesses and second houses there, which is encouraging," the survey stated.

Rich Indians go to the United Arab Emirates (UAE) in greater numbers than to Australia, Singapore, or the United States. In fact, Indian purchasers spent 16 billion dirhams (about Rs 35,500 crore) on real estate in Dubai last year, almost twice as much as they did in 2021.

Forty percent of the buyers were Indian, with the majority originating from Delhi-NCR, Ahmedabad, Surat, Hyderabad, and Punjab. The remaining 20% were global Indians (20%) based all over the world and 40% were Indians residing in the United Arab Emirates.

Rich Indians are increasingly choosing to establish family offices abroad in places like Dubai, Singapore, and London.

The younger generation is getting more and more interested in opening family offices abroad, especially those who have studied abroad or recently returned from college abroad to work for family enterprises.

A growing number of startup founders are now relocating their businesses and setting up family offices abroad. This trend is motivated by multiple factors. 
First, they want to safeguard a portion of their wealth from potential tax or regulatory issues in India.