New Delhi: Around 4,300 millionaires are expected to leave India this year and many people are choosing the UAE as their destination, as reported by International investment migration advisory firm Henley & Partners. Last year, 5,100 Indian millionaires moved abroad according to the same report.

The report highlighted that India, the world’s fastest-growing economy is set to be third in millionaire migrations after China and UK. Although India has surpassed China as the most populous nation its millionaire exodus is less than 30 per cent of China’s. The report also shows that many millionaires leaving India keep their business interests and second homes there which indicates strong ongoing economic ties. (Also Read: SBI Board Approves Raising Rs 20,000 Crore For FY25 Via Long Term Bonds)

“While India loses thousands of millionaires each year, with many migrating to the UAE, concerns over the outflows may well be mitigated as with wealth growth of 85% over the past decade, the country continues to produce far more new high-net-worth individuals than it loses to emigration,” as per the report. (Also Read: ‘Step Off The Board’: Gautam Singhania’s Reappointment As Raymond Managing Director Faces Strong Opposition)

Indian private banks and wealth management platforms are expanding into the UAE to provide seamless investment advisory services to their clients. Nuvama Private and LGT Wealth Management are the recent examples which are known for helping Indian clients with global diversification and expansion.

“Kotak Mahindra Bank and 360 ONE Wealth are joining the dots to provide Indian families with wealth management services on the ground in the UAE, ensuring that they don’t lose out to their competitors,” according to the Henley report.