One in five ultra-rich are migrants — and Indians are leading the shift

Nearly one in five of the world’s ultra-rich individuals today was born outside the country they now live in and Indians are emerging as one of the biggest drivers of this global wealth migration, according to a new report by Altrata.

At the centre of this trend are Indian entrepreneurs and investors, who are emerging as one of the most prominent groups among the globally mobile wealthy.

Indians go global

The report highlights that India is among the top birth countries for foreign-born ultra-rich individuals across major wealth hubs such as the United States, London, Singapore and Dubai.

In the US, still the world’s largest wealth market, Indians form one of the biggest groups among foreign-born billionaires and high-net-worth individuals. Similar patterns are visible in global financial centres like Singapore and fast-rising hubs such as Dubai.

Wealth without borders

The report shows that the world’s rich are becoming more global than ever.

Today’s ultra-rich are not tied to one country. Many study abroad, run businesses in different countries, and invest their money across the world. In fact, more than a third have studied outside their home country, and many own businesses in places other than where they live.

This is very different from the past, when people usually built and kept their wealth in one country. Now, the new generation of wealthy individuals is thinking globally — and moving across countries has become an important part of how they grow and protect their wealth.

Entrepreneurs, not inheritors

Another clear trend is that most of these ultra-rich individuals have earned their wealth on their own.

Around 79 per cent of foreign-born ultra-rich have built their fortunes themselves, while only a small number depend entirely on inherited wealth. This shows that people who move countries are often more willing to take risks and start businesses.

For Indians, this is visible in the growing number of founders building or expanding startups abroad, especially in areas like technology, finance and healthcare.

Global wealth set to expand

The number of ultra-rich people around the world is expected to grow quickly in the coming years.

By 2030, there can be more than 734,000 ultra-rich individuals globally — about one-third higher than today. Their total wealth is also expected to rise sharply to around $84 trillion, driven by factors like new technology, growing cities and rising wealth in developing countries.

India is likely to be an important part of this growth, along with other fast-growing Asian economies.

Cities compete for Indian capital

Even though the rich are moving across countries more than before, a few global cities still attract most of them.

The United States remains the biggest hub, with around 40 per cent of the world’s ultra-rich living there, mainly because of its strong financial system and business opportunities. London continues to be a key centre for finance, while Singapore is seen as a safe and stable place for wealth in Asia.

At the same time, Dubai is quickly becoming a favourite for Indian entrepreneurs, thanks to low taxes, business-friendly rules and easier options to live and work there.