A recent survey by Kotak Private Banking, a division of Kotak Mahindra Bank, has revealed that one in five ultra-high net worth individuals (UHNWIs) in India is either in the process of migrating or planning to move abroad.
The survey, which gathered responses from 150 ultra-high net worth individuals and private bankers, indicated that professionals aged 36-40 and those above 61 showed a greater inclination to migrate compared to entrepreneurs and inheritors. Conducted across 12 cities during the first two quarters of 2024-25, the study identified key motivations for migration, including investment opportunities, improved living standards, better healthcare access, higher education prospects, and tax benefits. The report describes this trend as an “investment in the future.”
Popular destinations for migration among UHNWIs include the United States, the United Kingdom, Australia, Canada, and the United Arab Emirates. Many respondents expressed a preference for maintaining their Indian citizenship while residing abroad. The UAE, in particular, has gained significant interest due to its Golden Visa program. Other favored options include the U.S. EB-5 Visa, Portugal’s Golden Visa, and Canada’s Start-Up Visa.
Commenting on the trend, Kotak Mahindra Bank President Gautami Gavankar emphasized that this migration should not be interpreted as capital flight, noting that Indian residents can remit up to $250,000 per year, while non-resident Indians (NRIs) are permitted to transfer up to $1 million annually.
Oisharya Das, CEO of Kotak Private Banking, pointed out that ultra-high net worth individuals are diversifying their investments across both domestic and global assets, leading to a projected increase in their spending by 2028. Saurabh Joshi, a partner at EY India’s wealth and asset management division, added that the growing economic optimism and rising private wealth in India are reflected in the global aspirations of UHNWIs, who are expanding their financial presence beyond national borders.
In 2023, India had approximately 283,000 UHNWIs, each with a net worth of at least Rs 25 crore, collectively holding assets worth Rs 232 trillion. The survey projects that by 2028, this number will grow to 440,000 individuals with a combined wealth of Rs 359 trillion.
