India's Ultra-Rich Seek Overseas Horizons Amid Wealth Boom

A report by Kotak Bank reveals one in five ultra-high-net-worth individuals in India is considering or in the process of migrating abroad while retaining Indian citizenship. This trend is especially prominent among professionals, driven by rising wealth and global investment opportunities.

In a recent report by Kotak Bank, it's revealed that one in five ultra-high-net-worth individuals (Ultra-HNIs) in India is contemplating or actively pursuing migration abroad, all while holding on to their Indian citizenship. This inclination is more pronounced among professionals than entrepreneurs or inheritors.

The report indicates a notable demographic trend: individuals aged 36-40 and those over 61 are more inclined to relocate compared to other age groups. This comes at a time when India's ultra-rich population and their wealth are on a projected growth trajectory, expected to reach 4.3 lakh Ultra-HNIs with a combined wealth of Rs 359 trillion by 2028.

Amid this upward wealth trend, more Ultra-HNIs are exploring investment opportunities outside India. Nearly a third of India's wealthiest now have global assets, with a primary focus on residential real estate as part of their long-term relocation strategies.

This migratory inclination aligns with a broader historical trend. The Ministry of External Affairs reported that over 2.5 million Indians migrate annually, contributing to one of the world's largest diasporas, with over 32 million Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) globally.

As Ultra-HNIs diversify their wealth internationally, their decisions are increasingly swayed by more lucrative investment opportunities, assured financial security, and the benefits of long-term residency in foreign nations.

(With inputs from agencies.)