Exodus of the Elite: India’s Millionaires Chart New Destinations, Taking Billions Abroad

India is predicted to witness 3,500 millionaires emigrating in 2025, a continuous though waning trend of HNWIs emigrating to greener horizons elsewhere. The emigration, the Henley Private Wealth Migration Report 2025 observes, is of immense economic significance, the millionaires emigrating jointly possessing an estimated wealth of $26.2 billion.

 

The estimated outflow during the current year is much lower than in previous years—4,300 in 2024 and 5,100 in 2023—showing a slowdown in the pace of wealth emigration from India. The slowdown has been explained by experts as a result of reasons like return migration and international tax policy change, which are making foreign migration unappealing to some.

 

Globally, millionaire migration is increasing, with a record 142,000 millionaires predicted to migrate in 2025, rising to 165,000 in 2026. The UAE leads the destination countries with a net gain of 9,800 high-net-worth individuals, followed by the US, Italy, and Switzerland. The UK, however, has the largest net outflow, with 16,500 millionaires predicted to leave this year, driven by broad tax reforms and regulatory reforms.

 

The emigration of high net worth individuals has far-reaching economic impacts. Millionaires emigrating from a nation send valuable capital overseas, impacting the potential for job creation, forex reserves, and domestic investment. Host countries benefit from new enterprises, increased stock market trading, and an economies' multiplier.

 

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Source: The Financial Express, Henley Private Wealth Migration Report 2025.