Why are India's richie rich choosing Dubai to migrate?
rich plan to migrate to another country, most of them choose the United Arab Emirates and particularly Dubai, which is one of the Emirates. A report by Henley & Partners, an international investment migration advisory firm, says approximately 4,300 millionaires are projected to leave India this year. And most of them are headed to the UAE.
However, it's not that India's rich are in a hurry to leave the country. It's only a small number of rich Indians. «India continues to lose large numbers of millionaires, especially to the UAE. However, in our view these outflows are not particularly concerning as India continues to produce far more new HNWIs than it loses to emigration. Furthermore, the bulk of the millionaires who leave India tend to retain business interests and second homes in the country, which is a positive sign,» says the report.
Why the UAE has such a pull for rich Indians
The UAE is a bigger attraction for India's rich than other popular destinations for migration, such as Australia, Singapore, Israel, Switzerland, the US, Canada, New Zealand and the UK.
Dubai market earned 16 billion dirhams, or Rs 35,500 crore, from sales to Indians last year – which is almost double of what it netted in 2021, around 9 billion dirhams. A sizable 40% of homebuyers were from India, the majority being from Delhi-NCR, Ahmedabad, Surat, Hyderabad and Punjab. The remaining were Indians living in the UAE (40%), and global Indians (20%) based in different parts of the world.
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