A BRICdata report has recently suggested that the wealth management market for South Asian millionaires living abroad will increase in the next four years. As many as 21.6 million persons of Indian origin (PIO) and non-resident Indians (NRI) are currently living overseas, with the largest proportion of millionaires residing in the US. This is followed by the UK, the United Arab Emirates, Canada and Hong Kong.
The compound annual growth rate (CAGR) of the wealth management market for NRI millionaires living abroad rose to 9.4 per cent over the 2007-2011 study period. BRICdata also expects the total wealth of these individuals to increase by another 6.9 per cent by 2016.
The number of non-resident Pakistanis (NRP) living abroad reached eight million last year, according to the report, with the majority of millionaires living in the UK, followed by United States, the Persian Gulf and Canada. The Persian Gulf counties also hold the largest number of Bangladeshi millionaires, with 5.4 million non-resident Bangladeshis (NRB) currently live away from their home country. With 2.5 million persons of Sri Lankan origin and non-resident Sri Lankans (NRSLs) living abroad last year, Singapore had the highest proportion of millionaires.
It would seem that the South Asian markets are serving their entrepreneur’s well. If your wealth needs managing the Asian markets will probably prove vital for future growth. Enables IFA’s are always happy to talk through your investment options.
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