More High Net-Worth Individuals To Migrate Out Of China Than India: Henley Report

More high net-worth individuals will migrate out of China compared to India this year, as per the Henley Private Wealth Migration Report 2024. This marks a notable stabilisation for India, positioning it third globally, after the United Kingdom, in terms of millionaire outflows.

China is expected to witness a substantial net outflow of 15,200 millionaires in 2024, a slight increase from 13,800 in the previous year. In contrast, India, which has historically seen higher numbers of wealth exodus, is expected to experience a decline in HNI migration with 4,300 millionaires projected to leave in 2024, down from 5,100 in 2023.

The report, compiled by Henley & Partners in collaboration with New World Wealth, highlights the shifting dynamics of wealth mobility amid geopolitical tensions and economic uncertainties worldwide.

Reflecting on these findings, Dominic Volek, group head of private clients at Henley & Partners, underscores the unprecedented nature of 2024 as a pivotal year for wealth migration. Global geopolitical tensions and economic shifts are prompting millionaires to seek stability and opportunity elsewhere, a trend that could have profound implications for the future distribution of global wealth, he pointed out.

The report identifies several countries beyond China and India that are experiencing significant HNI outflows. South Korea is expected to see a rise with a projected loss of 1,200 millionaires, while Russia, which faced a mass exodus post-Ukraine conflict, is stabilising with 1,000 millionaires planning to relocate this year.

The United Arab Emirates continues to lead as the foremost destination for migrating millionaires globally, projected to welcome a record net inflow of 6,700 HNIs in 2024. The UAE's appeal lies in its zero income tax regime, luxury lifestyle offerings, and strategic geographic location. Following closely behind are the United States with 3,800 net inflows, and Singapore with 3,500.

Sunita Singh-Dalal, partner at Hourani in Dubai, attributes the UAE's attractiveness to its robust wealth management ecosystem, which has evolved rapidly to cater to the needs of affluent migrants from diverse regions, the report said.

The overall trend of millionaire migration highlights a broader megatrend in global wealth distribution and investment migration. As wealth continues to concentrate in certain regions, countries with favourable economic policies and residency programs are likely to see continued growth in their HNI populations.

The Henley Private Wealth Migration Report underscores the role of investment migration programs in attracting global wealth, with countries like Portugal, Greece, and Malta offering popular residency and citizenship options that appeal to affluent individuals and families seeking secure and prosperous futures.