One in five ultra-high net worth individuals (UHNWIs) or super rich in India plans to leave the country and move abroad, according to a survey by Kotak Private Banking, a division of Kotak Mahindra Bank. “One in five ultra HNI surveyed are currently in the process of or plan to migrate,” the survey noted.
With 150 ultra-high net worth individuals and private bankers as its respondents, the survey showed that professionals between the ages 36 and 40, and above 61, had a greater inclination towards migration as opposed to entrepreneurs and inheritors.
The extremely rich individuals participating in the poll conducted across 12 cities in the first two quarters of 2024-25 attributed their desire to settle abroad to investment opportunities, enhanced living standards, healthcare access, better higher education and tax advantages. The survey labels the ultra-high net worth individuals’ decision to migrate as an “investment in the future.”
Listing the US, UK, Australia, Canada and UAE as their favourite international locations for migration, the UHNWIs (individuals with a net worth of over Rs 25 crore in this survey) hope to retain their citizenship while living in their choice of country permanently. The UAE especially emerged as a highly coveted destination due to its Golden Visa scheme. Otherwise, US’ EB-5 Visa, Portugal’s Golden Visa and Canada’s Start-Up Visa also came up as popular choices.
Officials comment on new migration trend emerging between ultra-high net worth individuals
Weighing in on the emerging migration trend among the ultra-high net worth individuals, Kotak Mahindra Bank President Gautami Gavankar asserted that it should not be viewed as a capital flight. She also reminded that an Indian citizen living in Indian is only allowed to take out $250,000 per year, whereas an NRI can take out $1 million.
On the other hand, Oisharya Das, CEO – Kotak Private Banking, Kotak Mahindra Bank, said, “Ultra-HNIs are diversifying their portfolios and embracing domestic and global assets, setting the stage for a significant rise in their spending by 2028. Meanwhile, Saurabh Joshi, partner – wealth & asset management, EY India, added, “The optimism of domestic economic growth and increase in private wealth is reflected in the aspirations of Ultra-HNIs and the savviness of their investments. The Indian Ultra-HNI is embracing a global identity as they transcend borders motivated by diverse factors.”
In 2023, there were 283,000 UHNWIs, each with a net worth of Rs 25 crore, with a combined wealth of Rs 232 trillion. According to the survey’s new projections, these numbers are expected to rise to 4.4 lakh individuals having a wealth of Rs 359 trillion by 2028.