Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsHenley & Partners projected a net outflow of 4,300 millionaires from India in 2024. That was a provisional forecast based on movements through June—not a confirmed count of people who left during the year.
What the 4,300 figure means
Henley & Partners published the projection on June 18, 2024, using data from New World Wealth. In its 2024 release, the company estimated India’s net outflow at 4,300, compared with 5,100 for 2023. Both figures are rounded to the nearest 100. Henley’s 2024 dashboard identifies the 2024 figures as provisional full-year projections based on high-net-worth individual movements through June.
It is a net balance, not a headcount of everyone who left
Henley defines the group as high-net-worth individuals with at least USD 1 million in liquid investable wealth. “Net outflow” means the difference between people in that group relocating into a country and those emigrating from it. So the 4,300 is a projected net balance for this wealth cohort—not the gross number of millionaires who departed, a count of all emigrants, or an official government migration statistic.
The 2023 comparison is also an estimate
Henley’s 2024 projection was 800 lower than its 5,100 figure for 2023. This is a comparison of the figures reported by Henley, not proof that confirmed departures fell by that amount between the two years.
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How India compared with other countries
In Henley’s provisional 2024 ranking, India was third among the listed countries for projected millionaire net outflow:
| Country or measure | Henley’s 2024 projection |
|---|---|
| China net outflow | 15,200 |
| UK net outflow | 9,500 |
| India net outflow | 4,300 |
| South Korea net outflow | 1,200 |
| UAE net inflow | 6,700 |
| Worldwide millionaire relocations | 128,000 |
These are Henley’s provisional projections, not final observed totals. The global 128,000 figure refers to projected relocations worldwide; the UAE figure is a projected net inflow. Dominic Volek, Henley & Partners’ Group Head of Private Clients, said: “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023.” That statement describes the forecast made in June 2024.
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Was 4,300 the actual number who left India?
The sources cited here do not establish a final observed count of Indian millionaires who relocated in 2024. The 4,300 figure should therefore be described as a provisional projection, not a verified result. The later critique by Tax Justice Network does not provide a final count either.
A later critique questions the estimate
In 2025, the Tax Justice Network argued that the estimates lack a replicable methodology. It compared Henley’s India projection with a UBS estimate of India’s millionaire population and calculated a ratio of 0.50%. That percentage is the Tax Justice Network’s calculation, not a Henley statistic. The two sources may use different definitions, so the ratio is a comparison offered by the critic, not a directly interchangeable measure of migration scale. See the Tax Justice Network analysis.
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What the report does—and does not—show
- It reports a provisional, June 2024 projection of net migration among people with at least USD 1 million in liquid investable wealth.
- It does not establish how many such people ultimately left India in 2024, how many moved in, or the final net balance.
- It does not count all wealthy people or all Indian emigrants.
- The cited material does not establish a cause for India’s projected outflow. The figure alone cannot show why individuals might relocate.
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