'Concerning trend for India': Harsh Goenka as country lost large number of millionaires in 2024

RPG Enterprises Chairperson Harsh Goenka on Wednesday expressed concern over the significant outflow of millionaires from India in 2024. In a tweet, he highlighted, "China, India, and the UK have lost the most millionaires in 2024, while Dubai, the US, and Singapore have seen significant inflows. It is a concerning trend for India and we need to work towards reversing this trend."

According to the Henley Private Wealth Migration Report 2024, approximately 4,300 millionaires were projected to leave India in 2024, compared to 5,100 in the previous year. Despite this, the report emphasised that the loss was not a major concern, as India continued to produce more new High Net Worth Individuals (HNWIs) than it loses to emigration. The report defines millionaires and HNWIs as individuals with liquid wealth of $1 million (Rs 8.34 crore) or more.

Padmaja, a social media user, offered a nuanced perspective on Goenka's tweet. She pointed out, "India had over 326,000 millionaires in 2023, about 4,300 migrating out of them — about 1.3%. It is still lesser than the 5,100 who left in 2023. This does not impact India because India continues to produce more new High Net Worth Individuals than it loses to emigration and most millionaires who leave India retain business interests and second homes in the country. Hope you will agree!"

The Henley report also noted that while India’s millionaire outflows are sizable, they do not indicate a major economic issue as many of those leaving maintain ties to the country through business and property. Furthermore, India has shown strong growth in its wealthy population, increasing its number of millionaires by 85% between 2013 and 2023. With 326,400 HNWIs, India ranks tenth globally, while China and the US lead with 862,400 and 5,325,000 millionaires respectively.

The UAE has emerged as the top destination for millionaire migration, gaining an estimated 6,800 millionaires in 2024, followed by the US and Singapore. India's ability to sustain its wealth creation is evident as it ranked fourth in centi-millionaires, with 1,044 individuals possessing $100 million or more, and third in billionaires, with 120 individuals, trailing only China and the US.