New Delhi, March 27: One in five ultra-high-net-worth individuals (Ultra-HNIs) in India is either in the process of migrating abroad or planning to do so, while still retaining their Indian citizenship, according to a report by Kotak Bank.
The report highlights that many of these individuals intend to settle permanently in their chosen foreign destinations.
Professionals, in particular, are more likely to migrate compared to entrepreneurs or inheritors, with a higher inclination to move abroad for opportunities. "One in five Ultra-HNIs surveyed are either in the process of migrating or plan to do so, with most intending to reside permanently in their host country while retaining their Indian citizenship," the report states.
Age plays a significant role in migration trends, with individuals between 36-40 years and those above 61 years being more inclined to consider relocation compared to other age groups. This growing tendency to migrate coincides with the projected growth of India's ultra-rich population and overall wealth. The number of Ultra-HNIs in India is expected to rise to 4.3 lakh by 2028, with total wealth projected to reach Rs 359 trillion.
As their wealth increases, many Ultra-HNIs are looking beyond India’s borders for investment opportunities. The report notes that nearly one-third of India's ultra-rich now hold global assets, with a notable focus on residential real estate. Many of these individuals view property investments as part of their long-term migration and residency plans abroad.
The trend of migration is not new. The Ministry of External Affairs reported in 2021 that over 2.5 million Indians migrate to other countries every year. India also boasts one of the world’s largest diasporas, with over 32 million Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) living globally, many of whom have made significant contributions to their adopted countries.
As Ultra-HNIs continue to diversify their wealth internationally, their migration decisions are largely driven by the pursuit of better investment opportunities, enhanced financial security, and long-term residency benefits in foreign countries.
(With agency inputs)
