GUWAHATI: A recent survey has revealed that over 22 per cent of ultra-high-net-worth individuals (UHNIs) in India are considering migration, driven by factors such as better living conditions abroad, improved lifestyle opportunities, and smoother business environments in other countries.
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The survey, conducted among 150 UHNIs by a leading private Indian bank, found that the United States, United Kingdom, Australia, Canada, and the UAE — owing to its attractive golden visa scheme — are the top preferred destinations for these wealthy individuals. According to the findings, one in five respondents is either in the process of migrating or planning to do so, with most intending to reside permanently in their chosen country while retaining their Indian citizenship.
The survey also highlighted that approximately 25 lakh Indians migrate to other countries every year, as per data from the Ministry of External Affairs.
Improved standards of living, access to quality healthcare, superior educational opportunities for their children, and enhanced lifestyle prospects were cited as key reasons behind the decision to relocate. Additionally, more than two-thirds of the surveyed UHNIs stated that an easier business environment overseas is a significant motivating factor.
Describing the decision to migrate as an "investment in the future," the survey noted that the desire to secure top-tier higher education for their children is among the primary drivers.
The president of the private bank clarified that the migration of UHNIs should not be interpreted as a flight of capital out of India. She pointed out that regulatory caps ensure that funds remain within limits despite residency changes. As per the current rules, an Indian resident can remit up to USD 250,000 per year, while non-resident Indians are permitted to transfer up to USD 1 million annually — effectively preventing large-scale capital outflows.
The survey further revealed that professionals are more inclined to migrate compared to entrepreneurs or inheritors. Age-wise, the trend is more prominent among UHNIs aged between 36-40 years and those above 61 years.
In 2023, India was home to approximately 2.83 lakh UHNIs, each possessing a net worth exceeding ₹25 crore. Their combined wealth was estimated at ₹2.83 lakh crore. The report forecasts this number to grow to 4.3 lakh individuals with a cumulative wealth of ₹359 lakh crore by 2028, backed by strong economic growth, favourable demographics, and rising consumption.
Post-pandemic, health and wellness have emerged as a key spending area for the wealthy, with 81 per cent of respondents reporting an increase in expenditure under this category.
