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29 Jul 20242 min readsitemanager

UAE to See Surge of Indian Millionaires in 2024: What’s Driving the Migration?

Key Points: - 4,300 Indian Millionaires Relocating to the UAE in 2024 - Henley Private Wealth Migration Report Highlights Global Wealth Migration Trends for 2024 - India is Among the Top Countries…

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Key Points:

  • - 4,300 Indian Millionaires Relocating to the UAE in 2024
  • - Henley Private Wealth Migration Report Highlights Global Wealth Migration Trends for 2024
  • - India is Among the Top Countries with High-Net-Worth Individual (HNWI) Departures
  • - UAE Expected to Attract 6,700 Wealthy Immigrants by 2024
 

Migration of Indian Millionaires to the UAE

According to the latest Henley Private Wealth Migration report, around 4,300 Indian millionaires are expected to relocate to the United Arab Emirates (UAE) in 2024. India is among the top countries experiencing significant departures of high-net-worth individuals (HNWIs) globally, with many opting to move to the UAE.  

Why the UAE is a Favoured Destination for Indian Millionaires

The UAE has become a preferred destination for Indian millionaires due to several appealing factors. The country offers zero-income tax policies, which is a significant draw for those looking to protect their wealth. Additionally, the golden visa program provides long-term residency benefits, and the luxurious lifestyle available in the UAE, coupled with its strategic location, makes it an attractive option for wealthy individuals. Estimates indicate that approximately 6,700 wealthy individuals will move to the UAE in 2024. The UAE has developed a strong regulatory framework that offers a range of innovative solutions aimed at preserving, protecting, and enhancing the wealth of immigrants.  

Preferred Investment Programs Among Indian Investors

Indian investors often choose citizenship and residence through investment programs. Some of the most popular programs among Indian investors include:
  • - Portugal’s Golden Residence Permit Program: This program offers residency in Portugal through investment, often in real estate or other qualifying investments.
  • - Greece’s Golden Visa Program: This allows investors to gain residency in Greece through real estate investments.
  • - Spain’s Residence by Investment Program: Investors can obtain residency in Spain through real estate or other investments.
  • - Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment: This program offers citizenship to those who make significant investments in Malta.
  • - Citizenship by Investment Programs in the Caribbean, including Antigua and Barbuda: These programs offer citizenship in exchange for investments in the respective countries.
  • - Grenada’s Citizenship by Investment Program: This allows investors to gain citizenship in Grenada through approved investments.

Trends in Global Wealth Migration

The Henley and Partners report identifies 2024 as a crucial year for global wealth migration. It is estimated that around 128,000 millionaires will be relocating worldwide, indicating a significant shift in the global economic landscape with extensive implications. The top destinations chosen by millionaires for relocation include the United States, Canada, Singapore, and Australia. These countries are expected to see a substantial influx of wealthy immigrants, which will contribute to the development of their economies and job markets.

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