A recent survey shows that more than 22% of very wealthy people in India are thinking about moving to another country. They want a better quality of life, better business opportunities, and other improvements, healthcare and education opportunities. This trend highlights the growing interest among India’s wealthiest citizens in relocating to foreign countries. The survey, which polled 150 UHNIs, sheds light on the preferred destinations and the motivations behind these migration decisions.
Table of Contents
Top Destinations for Ultra-Rich Indians
These countries are seen as offering more favourable conditions in terms of business, lifestyle, and education, making them ideal choices for those seeking to relocate.
The findings underscore the global appeal of these regions, with many UHNIs viewing migration not only as a lifestyle improvement but also as a strategic move to benefit from easier business environments and higher standards of living.
Key Drivers Behind the Migration Trend
The survey reveals several key motivations for the migration of ultra-rich individuals. Nearly 70% of those surveyed indicated that the ability to streamline business operations was a significant factor driving their decision. The ease of conducting business in foreign countries, coupled with superior infrastructure and regulatory environments, has made international migration more appealing.
In addition, healthcare, education, and lifestyle improvements are also high on the list of priorities. Many ultra-high-net-worth individuals are seeking access to world-class healthcare facilities and top-tier educational institutions for their children, which they feel are more accessible in countries abroad.
Migration as an Investment in the Future
With access to better academic institutions and resources abroad, many wealthy families see this move as a long-term strategy for securing their children’s future.
Additionally, the ongoing rise in global wealth among this demographic indicates that they are increasingly looking beyond national borders for the best opportunities. As India’s UHNI population continues to grow, it is expected that the trend of migration will persist.
No Capital Flight, Says Kotak Mahindra Bank
Despite concerns about capital flight, Kotak Mahindra Bank’s president, Gautami Gavankar, emphasized that migration should not be seen as a movement of capital out of India. She explained that there are strict regulations in place that limit the amount of money an individual can transfer abroad. Indian residents can only take out $250,000 per year, while non-residents are permitted to transfer up to $1 million annually. These caps are designed to prevent significant outflows of capital from the country.
Demographic Trends and Migration Propensity
These groups, typically at critical stages in their careers or retirement planning, are seeking stability and improved opportunities abroad.
In 2023, there were 283,000 UHNIs in India, each with a net worth exceeding ₹25 crore, and their combined wealth totaled ₹2.83 trillion. By 2028, this number is projected to grow to 430,000 UHNIs with a collective wealth of ₹35.9 trillion.
Health and Wellness Spending on the Rise
Health and wellness has become a key area of expenditure, with 81% of UHNIs reporting an increase in their spending on health-related services. This growing focus on personal well-being reflects a global trend among wealthy individuals who are prioritizing health as part of their lifestyle choices.
While the US, UK, Australia, Canada, and UAE emerge as top destinations, the broader implications of this migration suggest a significant shift in the global mobility of India’s wealthiest citizens. As their numbers continue to grow, the migration trend is likely to intensify, shaping the future of wealth management and global investment strategies.
