NRI PULSE STAFF REPORT
India is projected to lose 3,500 millionaires in 2025 according to the newly released Henley Private Wealth Migration Report 2025. While India remains one of the world’s largest sources of high-net-worth individual outflows, the figure represents a slowdown compared to previous years when 5,100 left in 2023 and 4,300 in 2024. The report, published by global investment migration consultancy Henley & Partners with data from New World Wealth, also places the United States among the top five preferred destinations for migrating millionaires, attracting an estimated 7,500 HNWIs in 2025.
“Over the past decade, the top destinations for migrating millionaires have been Australia, the UAE, Singapore, the US, and Switzerland,” said Andrew Amoils, Head of Research at New World Wealth.
India’s net loss of 3,500 millionaires still places it among the top five wealth-losing countries in the world. However, the decline from previous years may indicate changing dynamics such as improved domestic investment opportunities, return migration, or evolving global tax and immigration policies. The report notes that India’s slowing outflow could signal increased confidence in the Indian economy or a deliberate tightening of outbound mobility among the wealthy.
Although the report does not specifically cite country-by-country breakdowns of Indian millionaire destinations, the U.S. remains a top wealth magnet globally, second only to the UAE, which is expected to attract 9,800 HNWIs. For Indian HNWIs, common motivations for choosing the U.S. include education opportunities with access to top global universities, business environment offering diverse opportunities in technology, real estate, and finance, legal and political stability providing strong protections for property rights and personal freedoms, and family reunification with a large Indian diaspora already established in American tech hubs and metropolitan areas.
The 2025 Henley report predicts that 142,000 millionaires will migrate globally this year, a record high, with the number expected to grow to 165,000 by 2026. Among the countries seeing the largest net outflows are the UK with 16,500, China with 15,200, and India with 3,500. The U.S., UAE, and Singapore are projected to be among the top gainers. Notably, the United States remains attractive despite growing competition from nations with more aggressive investor visa programs and tax advantages such as Portugal, Australia, and the UAE.
While India’s wealth migration numbers are down compared to previous years, the outflow of high-net-worth individuals and their capital remains significant. For Indian millionaires who still choose to leave, the United States continues to represent a combination of opportunity, security, and familial connection. At the same time, India’s ability to retain more of its wealthy population may point to a maturing economic environment that can offer alternatives to offshore migration.
📍Where Indian Millionaires Are Moving in the U.S.
While the U.S. continues to attract high-net-worth individuals (HNWIs) from around the world, Indian millionaires often concentrate in a few key metropolitan regions, where business opportunities, community networks, and educational institutions align with their migration goals.
San Francisco Bay Area, California
Home to Silicon Valley, the Bay Area is a natural destination for Indian tech entrepreneurs and executives. Cities like Fremont, Cupertino, and San Jose boast large Indian populations, top-ranking schools, and proximity to venture capital networks.
New York City & New Jersey
New York City offers access to global finance, healthcare, and legal services, while New Jersey—particularly Edison, Princeton, and Jersey City—is home to one of the most concentrated Indian American communities in the country. Easy international travel via JFK and Newark airports is a plus.
Dallas & Houston, Texas
Texas is gaining popularity due to its zero state income tax, pro-business climate, and affordable luxury real estate. Frisco, Plano, Sugar Land, and The Woodlands are hubs for Indian professionals in tech, energy, and medicine.
Los Angeles & Orange County, California
LA’s Indian American community is thriving in both the entertainment and healthcare sectors. Areas like Irvine, Artesia, and Cerritos offer cultural familiarity, excellent schools, and proximity to beachside living.
Seattle, Washington
With major employers like Amazon and Microsoft headquartered in the region, Seattle draws Indian tech talent. Redmond and Bellevue have seen rising Indian homeownership and school enrollments.
Why These Cities?
These metro areas offer:
- Strong Indian cultural communities
- Access to high-quality K–12 and university education
- Growing sectors for entrepreneurship and investment
- Robust healthcare systems and infrastructure
- Favorable immigration and business ecosystems
