India is projected to witness the departure of 3,500 high-net-worth individuals (HNWIs) in 2025, marking a continued trend of outbound wealth migration, according to the Henley Private Wealth Migration Report 2025. While the number is lower than the 4,300 exits in 2024, the estimated capital outflow stands at a staggering $26.2 billion, raising concerns over long-term economic implications.
📉 Wealth Exodus Slows, But Impact Remains High
- India remains a net exporter of millionaires, despite a 72% rise in domestic HNWIs between 2014 and 2024
- The decline in departures suggests improved domestic opportunities, but the financial impact remains significant
- The outflow includes individuals with liquid investable wealth of $1 million or more
🌍 Global Migration Trends
- A record 142,000 millionaires are expected to relocate globally in 2025
- United Kingdom tops the list of net outflows with 16,500 millionaires leaving, followed by China (7,800) and India (3,500)
- United Arab Emirates (UAE) leads as the top destination, expecting 9,800 new millionaires, followed by the U.S. (7,500) and Saudi Arabia (2,400)
🧳 Why Are Millionaires Leaving?
- Tax-friendly jurisdictions like UAE, Monaco, and Malta are attracting affluent individuals
- Lifestyle destinations such as Italy, Portugal, and Switzerland are also gaining popularity
- Factors include favorable immigration policies, zero income tax, and political stability
🧭 Policy Implications for India
Experts suggest that India must:
- Enhance ease of doing business and streamline wealth management regulations
- Offer competitive tax structures to retain domestic capital
- Foster a stable and investor-friendly environment to reverse the outflow trend
“While the numbers are declining, the value of wealth leaving India remains a concern,” the report notes, urging policymakers to address the root causes of HNWI migration.
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