3,500 Indians to move overseas in 2025 with $ 21.9 billion, where are these millionaires headed?

India is projected to see 3,500 high-net-worth individuals (HNWIs) relocate overseas in 2025, according to the Henley Private Wealth Migration Report 2025. Though this marks a decline from 4,300 in 2024 and 5,100 in 2023, the scale of financial outflow remains substantial, with an estimated Rs. 2.19 lakh crore (approximately $26.2 billion) in investable wealth set to move out of the country. The report defines HNWIs as individuals possessing at least $1 million in liquid assets. Despite the slowdown in migration, the number of millionaires in India has surged by 72 per cent between 2014 and 2024, indicating robust wealth creation amid selective outbound migration.

Wealth Migration Slows, Outflows Remain Significant

The gradual decline in millionaire migration suggests a shift in sentiment or improving domestic opportunities, yet India continues to remain among the top countries witnessing outbound wealth movement. The destinations attracting this mobile capital include the United Arab Emirates (UAE), the United States, Italy, Switzerland, and Saudi Arabia. The UAE, in particular, is expected to attract 9,800 new millionaires in 2025, which is the highest globally, aided by its favourable tax regime, long-term visa programmes, and policy stability. The US follows closely, with 7,500 HNWIs projected to arrive through channels like the EB-5 Immigrant Investor Program, while countries like Italy and Switzerland appeal to those seeking residency linked to lifestyle and taxation benefits.

Global Trends Show Shifting Wealth Dynamics

Globally, the millionaire migration is forecast to reach a record high of close to 1,42,000 individuals in 2025, rising to about 1,65,000 in 2026.The United Kingdom is expected to see the largest net loss. While India ranks among the top five countries with the highest millionaire outflows, 16,500 HNWIs expected to leave United Kingdom which ranks as the worst country to be hit. China, follows the UK with 7,800 projected departures. Conversely, the middle-east countries like the UAE and Saudi Arabia are emerging as key magnets for wealth, with growing inflows driven by investment-friendly policies, infrastructure development, and relative geopolitical stability.

The trend underlines a broader rebalancing of economic influence, where destination countries not only gain residents but also substantial capital inflows.