Global attention currently highlights a remarkable trend: a projected 142,000 millionaires will relocate internationally this year. Amidst this global movement, a critical narrative unfolds for India. The recent Henley Private Wealth Migration Report 2025 reveals a significant outflow. Approximately 3,500 High-Net-Worth Individuals (HNWIs) are expected to leave India and settle abroad in 2025.
In 2024, India saw 4,300 HNWIs depart, a decrease from 5,100 in 2023. Despite this slight reduction, India remains among the top countries globally for HNWI departures. This trend reflects a broader pattern of wealth migration. Geopolitical tensions, economic uncertainty, and social upheaval often influence these movements.
Globally, the United Kingdom faces the largest millionaire exodus. A staggering 16,500 HNWIs are expected to leave the UK. This figure is more than double the anticipated number. China follows, with 7,800 projected departures. China had previously topped the millionaire-loser leaderboard for the past decade.
GLOBAL POWER SHIFTS: MAGNETS AND EXODUSES
Dr. Juerg Steffen, CEO at Henley & Partners, emphasized this sharp divergence. He noted the rising influence of strategic wealth migration on global economic power shifts. “2025 marks a pivotal moment,” Steffen stated. “For the first time in a decade of tracking, a European country leads the world in millionaire outflows.” This trend reflects more than just tax regime changes. It suggests a deepening perception among the wealthy. They believe greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness are significant.
In stark contrast, the UAE continues its reign as the world’s premier wealth magnet. It attracts a record 9,800 relocating millionaires. This stark contrast underscores the increasing influence of strategic wealth migration. India cannot afford to overlook this dangerous trend. The report also highlights several European nations successfully attracting wealthy migrants despite their own internal challenges.
WHY ARE HNWIS LEAVING INDIA?
The Henley report points to several complex factors. Outflows from India are partially offset by HNWIs returning from countries like the UK. Meanwhile, China’s booming tech hubs, like Shenzhen and Hangzhou, encourage affluent Chinese to stay. Rapid growth in entertainment and hospitality sectors also plays a role there.
Dr. Parag Khanna, a best-selling author and CEO at AlphaGeo, offers further insights. He notes that Asia remains a powerful economic engine. However, he also emphasizes Singapore and Japan’s growing reputations. These nations are solidifying their positions as global wealth havens. For India to fully realize its potential, concerted efforts are needed. India must attract, rather than lose, its valuable HNWIs. Addressing underlying challenges is paramount.
Khanna elaborates on Asia’s dynamic wealth landscape. He describes it as a blend of ambition and caution. Singapore and Japan fortify their positions. China and India balance domestic opportunity with diversification desires. South Korea and Taiwan remind us that geopolitics can quickly change the rules. “As 2025 unfolds,” Khanna concludes, “Asia is set to remain at the center of global wealth trends.” This will be shaped by economic dynamism, policy innovation, and the ceaseless search for security and growth.
THE COST OF MIGRATION: BEYOND JUST NUMBERS
The migration of 3,500 millionaires, while not the highest globally, carries substantial financial implications. Their combined investable wealth is estimated to be in the billions of dollars. More critically, this outflow signifies a brain drain. It represents a loss of entrepreneurial spirit and vital leadership.
This “wake-up call” demands proactive measures from India. The nation must focus on creating an environment where its wealth creators can thrive financially. They must also find an unparalleled quality of life. A predictable, supportive ecosystem is essential. This ecosystem should encourage them to invest and contribute meaningfully to India’s national progress.
