The Billionaire Exodus: Why India’s Wealthy Are Moving Abroad

Key Takeaways

• 3,500 Indian millionaires are expected to leave India in 2025, down from 5,100 in 2023.
• About $26.2 billion in wealth is projected to move abroad from India in 2025.
• Top destinations include UAE, USA, Singapore, and Europe with Golden Visa programs.

India is seeing a major shift in the movement of its wealthy citizens, with thousands of millionaires choosing to move abroad each year. As of July 18, 2025, the Henley Private Wealth Migration Report 2025 shows that about 3,500 Indian millionaires are expected to leave the country this year. This is a noticeable drop from previous years—5,100 left in 2023 and 4,300 in 2024—but the trend remains strong and important for both India and the countries receiving these high-net-worth individuals (HNWIs).

This update explains what has changed, who is affected, the effective dates, what actions are required, and what these changes mean for people considering moving abroad, especially those with pending applications. The information is based on the latest data and expert analysis, including insights from the Henley Private Wealth Migration Report 2025 and statements from key stakeholders.

Summary of What Changed

The most recent change is the continued, though slightly reduced, outflow of Indian millionaires to other countries. The number of millionaires leaving India has decreased over the past three years, but the total wealth leaving the country remains high, with an estimated $26.2 billion expected to move out in 2025. This shift is part of a larger global trend, where countries are actively competing to attract wealthy individuals by offering special residency programs, lower taxes, and better living conditions.

Who Is Affected

• Indian Millionaires and HNWIs: The main group affected is Indian citizens with significant wealth, especially those looking for better tax environments, more stable political systems, or improved quality of life.
• Families of HNWIs: Spouses, children, and sometimes extended family members often move together, seeking better education, healthcare, and safety.
• Indian Economy: The outflow of wealthy individuals and their capital can impact investment, job creation, and tax revenues in India.
• Destination Countries: Countries like the United Arab Emirates 🇦🇪, United States 🇺🇸, Singapore 🇸🇬, and several in Europe 🇪🇺 are seeing an increase in applications from Indian millionaires, which can boost their economies and real estate markets.

Effective Dates

• The data and trends discussed are current as of July 18, 2025.
• The projections for millionaire migration are for the 2025 calendar year.
• Policy changes in destination countries, such as updates to residency programs, are already in effect or have been announced for 2025.

Required Actions for Those Considering Migration

If you are an Indian millionaire or HNWI thinking about moving abroad, here are the steps you should take:

1. Research Residency Programs
   • Look into the requirements, benefits, and costs of different residency programs. Popular options include the UAE’s Golden Visa, the USA’s EB-5 Immigrant Investor Program, and Portugal’s Golden Visa.
   • Each program has its own rules about investment amounts, types of investments allowed, and the rights you get as a resident.
2. Check Eligibility
   • Make sure you meet the financial and legal requirements for your chosen program. This usually means proving the source of your funds, showing a clean criminal record, and sometimes passing health checks.
3. Prepare Documents
   • Gather all necessary documents, such as proof of funds, identification, business records, and family information.
   • Some programs require you to show where your money comes from to prevent money laundering.

1. Submit Your Application
   • Applications can often be submitted online or through official government channels. Many people use migration advisory firms, such as Henley & Partners, for help.
   • For example, to apply for the UAE Golden Visa, you can visit the official UAE government portal.
2. Wait for Processing and Approval
   • Processing times vary by country and program. Some, like the UAE, are known for quick approvals, while others, like the USA’s EB-5, can take longer due to high demand and background checks.
3. Plan Your Move
   • Once approved, plan your relocation, including housing, schools for children, and business or investment activities in your new country.

Implications for Pending Applications

If you have already submitted an application for a residency program in another country, here’s what you need to know:

• Processing Times: Some countries have sped up their processes to attract more HNWIs, while others may have delays due to high demand.
• Policy Changes: Stay updated on any changes to the rules of your chosen program. For example, Portugal has made adjustments to its Golden Visa program, changing the types of investments that qualify.
• Tax Planning: Before moving, consult with tax experts in both India and your destination country to understand how your move will affect your taxes and financial planning.
• Citizenship Renunciation: If you plan to give up Indian citizenship, be aware of the legal and financial steps involved, including the impact on your property and business interests in India.

Detailed Background and Context

India’s rapid economic growth over the past two decades has created a large number of millionaires. However, as the number of wealthy individuals has grown, so has the trend of moving abroad. The Henley Private Wealth Migration Report 2025 highlights that while the number of millionaires leaving India is dropping, the amount of wealth leaving is still very high.

Why Are Indian Millionaires Leaving?

Several reasons drive this trend:

• Tax Scrutiny and Economic Formalization: The Indian government has increased its focus on tracking income and assets, making it harder for wealthy individuals to avoid taxes or keep assets hidden. This has pushed some to look for countries with lower taxes and less scrutiny.
• Attractive Residency Programs Abroad: Countries like the UAE 🇦🇪 and Portugal 🇵🇹 offer special visas for investors, making it easier for wealthy people to move, invest, and eventually become residents or citizens.
• Quality of Life and Stability: Many millionaires want better education for their children, safer environments, and more stable political systems. Countries with strong healthcare, good schools, and low crime rates are especially attractive.
• Global Competition for Wealth: As reported by VisaVerge.com, countries are actively competing to attract wealthy individuals by offering better tax rates, easier residency rules, and high standards of living.

Top Destinations for Indian Millionaires

The most popular countries for Indian HNWIs include:

• United Arab Emirates 🇦🇪: The UAE’s Golden Visa program is a major draw. It offers long-term residency (up to 10 years) for investors, business owners, and skilled professionals. The UAE’s zero-tax policy on personal income is especially attractive.
• United States 🇺🇸: The EB-5 Immigrant Investor Program allows investors and their families to get green cards by investing at least $800,000 in a U.S. business that creates jobs. The USA also offers a high standard of living and access to top schools and healthcare.
• Singapore 🇸🇬: Known for its political stability, strong economy, and excellent quality of life, Singapore is a favorite for those seeking a safe and business-friendly environment.
• Europe 🇪🇺 (especially Portugal 🇵🇹 and Greece 🇬🇷): European countries offer Golden Visa programs that provide residency in exchange for investments in real estate or businesses. Portugal’s program is especially popular because it can lead to citizenship after five years.

Recent Policy Changes and Announcements

Several countries have updated their residency programs to attract more wealthy migrants:

• UAE: The Golden Visa program has been expanded, and the application process has been made easier. The zero-tax regime remains a big selling point.
• Portugal: The Golden Visa program has changed, with new rules about what types of investments qualify. For example, some real estate options have been removed, and there is more focus on job creation and business investment.
• USA: The EB-5 program has seen changes in minimum investment amounts and stricter checks on the source of funds.

Statements from Key Stakeholders

Sanjaya Baru, who served as Media Advisor to Dr. Manmohan Singh, has pointed out that the rising number of Indians giving up their citizenship is a sign of deeper concerns about the country’s economic and social environment. Migration experts agree that unless India makes its tax and business environment more attractive, the trend of wealthy individuals leaving may continue.

Implications for India and Destination Countries

• For India: The loss of wealthy individuals can mean less investment in local businesses, fewer jobs created, and lower tax revenues. It can also affect philanthropy and social projects, as many HNWIs are major donors.
• For Destination Countries: The arrival of wealthy migrants can boost real estate markets, increase investment in local businesses, and create jobs. However, it can also drive up property prices and create social tensions if not managed carefully.

Practical Guidance for Indian Millionaires Considering Migration

If you are thinking about moving abroad, here are some practical steps to follow:

• Start Early: Residency programs can take time to process, especially if you need to gather documents or move large amounts of money.
• Use Trusted Advisors: Work with reputable migration advisory firms and legal experts to avoid scams and ensure your application is complete.
• Plan for the Long Term: Think about your family’s needs, including education, healthcare, and future citizenship options.
• Stay Informed: Keep up to date with changes in residency programs and tax laws in both India and your destination country.
• Understand the Costs: Moving abroad can be expensive, with fees for applications, investments, legal help, and relocation.

Step-by-Step Procedures for Migration

Here’s a more detailed look at the typical steps involved:

1. Choose Your Destination
   • Compare the benefits and requirements of different countries.
   • Consider factors like tax rates, quality of life, and ease of getting permanent residency or citizenship.
2. Check Program Requirements
   • For example, the UAE Golden Visa requires a minimum investment in real estate or business.
   • The USA EB-5 Program requires an investment of at least $800,000 in a qualifying project.
   • Portugal’s Golden Visa has specific rules about the types of investments allowed.
3. Gather Documents
   • Proof of funds (bank statements, business records)
   • Identification (passport, birth certificates)
   • Police clearance certificates
   • Health checks (if required)
4. Submit Application
   • Use official government portals or authorized agents.
   • For the UAE, visit the official Golden Visa page.
   • For the USA EB-5, use the USCIS EB-5 Immigrant Investor Program page.
   • For Portugal, visit the SEF Portugal Golden Visa page.
5. Wait for Approval
   • Processing times can range from a few weeks (UAE) to several months or years (USA EB-5).
6. Relocate and Settle
   • Arrange for housing, schools, and business activities.
   • Register with local authorities as required.

Official Resources

For more information on global wealth migration and residency programs, visit the Henley & Partners official website. This site provides up-to-date reports, program details, and expert advice for HNWIs considering migration.

Looking Ahead: Future Outlook

The Henley Private Wealth Migration Report 2025 predicts that the global movement of millionaires will continue to grow, with a record 165,000 millionaires expected to relocate worldwide by 2026. India’s policies, as well as changes in global residency programs, will play a big role in shaping where and how Indian millionaires move in the coming years.

Key Takeaways and Next Steps

• India continues to see a steady outflow of millionaires, though the numbers are slightly lower than in previous years.
• Popular destinations include the UAE 🇦🇪, USA 🇺🇸, Singapore 🇸🇬, and European countries with Golden Visa programs.
• Policy changes in destination countries are making it easier and more attractive for Indian HNWIs to move.
• If you are considering migration, start by researching programs, checking eligibility, preparing documents, and seeking expert advice.
• Stay updated on policy changes and processing times, especially if you have a pending application.

By following these steps and staying informed, Indian millionaires and their families can make well-planned decisions about moving abroad, while understanding the broader impacts on both India and their new home countries. For the latest updates and detailed guidance, always refer to official government sources and trusted advisory firms.

Learn Today

Henley Private Wealth Migration Report → An annual report tracking movements of high-net-worth individuals globally and their wealth migration trends.
High-Net-Worth Individual (HNWI) → A person possessing assets worth one million USD or more, often targeted by residency programs.
Golden Visa → A residency permit offered by countries in exchange for significant investments, such as real estate or business funds.
EB-5 Immigrant Investor Program → A US visa scheme allowing investors to obtain green cards by investing at least $800,000 in job-creating projects.
Residency Program → A government initiative granting residency rights to foreigners who meet specific investment or financial criteria.

This Article in a Nutshell

Indian millionaires are migrating abroad at a slightly reduced rate in 2025, driven by tax, stability, and lifestyle. Wealth outflows remain significant, with major destinations like UAE and USA offering attractive residency programs that require careful research and planning for smooth migration.
— By VisaVerge.com