New Delhi [India], March 27 (ANI): One in five ultra-high-net-worth individuals (Ultra-HNIs) in India is either in the process of migrating abroad or planning to do so, while still retaining their Indian citizenship, according to a report by Kotak Bank.

The report highlighted that many of these wealthy individuals plan to settle permanently in their chosen foreign destinations. Among them, professionals show a higher tendency to migrate compared to entrepreneurs or inheritors.

The report said '1 in 5 Ultra-HNIs surveyed are currently in the process of or plan to migrate, most of whom intend to reside in their chosen host country permanently while retaining their Indian citizenship'.

Additionally, those aged between 36-40 years and those above 61 years are more likely to consider relocation than others in different age groups.

The findings come at a time when India's ultra-rich population and overall wealth are projected to witness significant growth. The number of Ultra-HNIs in the country is expected to rise to 4.3 lakh by 2028.

The report added 'India Ultra-HNI numbers and wealth is expected to grow to reach 4,30,000 with a total wealth of Rs 359 trillion by 2028'.

As their wealth grows, more Ultra-HNIs are looking beyond India's borders for investment opportunities. The report notes that nearly one-third of India's ultra-rich now hold global assets, with a significant focus on residential real estate.

Many of these individuals see property investments as part of their long-term migration and residency plans abroad.

The desire to migrate is not a new trend. In 2021, the Ministry of External Affairs reported that over 2.5 million Indians migrate to other countries every year. India also has one of the largest diasporas in the world, with over 32 million Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) settled across the globe.

Many among them have excelled in various fields, making significant contributions to their adopted countries with their skills and expertise.

With Ultra-HNIs increasingly diversifying their wealth globally, their migration decisions are influenced by better investment opportunities, stronger financial security, and long-term residency benefits in foreign countries. (ANI)