July 13, 2025

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3,500 millionaires to leave India and settle abroad in 2025

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3,500 millionaires to leave India and settle abroad in 2025

Between 2014 and 2024, India’s millionaires increased by 72%, but wealth migration has slowed due to a decrease in expected millionaires leaving the country.

India’s wealth migration has slowed as the number of millionaires expected to leave the country and settle abroad has decreased over time. According to the Henley Private Wealth Migration Report 2025, 3,500 Indian millionaires are expected to settle abroad in 2025.

5,100 Indian millionaires were expected to leave India in 2023, and 4,300 millionaires were expected to depart India in 2024 to settle overseas. This shows a falling trend in Indian millionaires looking to settle abroad.

Henley & Partners estimates that estimated wealth of migrating millionaires from India is estimated to be $26.2 billion. Between 2014 and 2024, the number of millionaires in India increased by 72%.

But, the overall trend among millionaires looking to settle outside their home country has been on the rise.

The Henley Private Wealth Migration Report 2025, released by international investment migration advisory firm Henley & Partners, exclusively features the latest net inflows and outflows of millionaires or HNWIs with liquid investable wealth of USD 1 million or more. The 2025 wealth flows are provisional figures for the full year. They are based on year-to-date HNWI movements.

The report projects a record-breaking 142,000 millionaires to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs). Further, the report forecasts that 165,000 millionaires to relocate abroad in 2026.

According to the Henley Private Wealth Migration Report 2025 published today, the UK is forecast to lose a staggering 16,500 millionaires in 2025 — more than double the anticipated 7,800 net outflow from China.

The UAE retains its crown as the world’s leading wealth magnet, with a record net inflow of over 9,800 relocating millionaires expected this year, 2,000 more than the US in 2nd place. +7,500 new wealthy migrants are expected to make America home by year-end.

Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter, with a record 16,500 HNWIs expected to leave in 2025.

The latest surge is driven in part by sweeping tax reforms. The October 2024 budget introduced sharp hikes in capital gains and inheritance taxes, while new rules targeting non-domiciled residents and family wealth structures sparked what some are calling a “WEXIT” (wealth exit).

Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco, and Malta, as well as to lifestyle havens including Italy, Greece, Portugal, and Switzerland. Many high-earning execs are settling in the expanding wealth hubs of Dubai, Florida, Milan, St. Julian’s, Lisbon, the Athenian Riviera, Zug, and Lugano.

Outside of Europe, strong demand from the UK, India, Russia, Southeast Asia, and Africa, facilitated by attractive golden visa options, has reinforced the UAE’s position as the world’s most sought-after wealth haven (more than 9,800). Saudi Arabia is the biggest riser on this year’s inbound list, projected to see a net inflow of more than 2,400 new millionaires in 2025, with the kingdom benefiting from a surge in returning nationals and international investors settling in Riyadh and Jeddah.

Dr. Juerg Steffen, CEO at Henley & Partners, says this sharp divergence highlights the rising influence of strategic wealth migration on global economic power shifts. “2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.”

The UK is not alone in its struggles. For the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025 — with projected net outflows of 800, 500, and 400 millionaires, respectively.

Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal for wealthy entrepreneurs, with their lowest net inflows on record provisionally expected in 2025.

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