More and more Indian millionaires are leaving the country. In 2023, about 5,100 rich individuals moved abroad, and around 4,300 are expected to leave in 2024. This makes India the third-largest country losing millionaires, after China and the UK.
Where Are They Going?
The United Arab Emirates (UAE) is a top choice for Indian millionaires. In 2024, the UAE is expected to welcome 6,700 wealthy people. Reasons why they prefer the UAE:
- No Income Tax: They don’t have to pay tax on their earnings.
- Golden Visas: They can stay for a long time with special residency programs.
- Luxury Lifestyle: High-class living with top facilities.
- Good Location: It’s a global business hub connecting different continents.
Why Are Millionaires Leaving India?
Many rich Indians are moving abroad for reasons like:
- Better Lifestyle & Safety: They want a higher standard of living and a safer environment.
- Education & Healthcare: They prefer top-quality schools and hospitals.
- Business & Investment: Other countries offer better opportunities to grow their wealth.
How Does This Affect India?
When millionaires leave, they take their money and businesses with them, which can affect India’s economy. However, India is still producing new millionaires every year, helping to balance this loss.
Will This Continue in 2025?
Experts believe this trend may continue in 2025, depending on government policies, investment options, and global markets. Many of these millionaires still have businesses and homes in India, so they remain connected to the country.
In the coming years, we will see if India can slow down this trend or if more wealthy individuals will keep moving abroad for better opportunities.
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