The wealth management market size for non-resident South Asian millionaires is expected to see robust growth over the next four years, according to a BRICdata report.

In 2011, the population of overseas Indians, including non-resident Indians (NRIs) and persons of Indian origin (PIOs), reached 21.6 million.

The US accounts for the largest proportion of NRI millionaires, followed by the UK, the UAE, Canada, Hong Kong, Singapore and Indonesia.

During the review period (2007-2011), the value of the worldwide wealth management market for NRI millionaires rose at a compound annual growth rate (CAGR) of 9.4%.

Over the forecast period (2012-2016), the value is anticipated to increase at a CAGR of 10.93%.

In 2011-2012, the total wealth of NRI millionaires is anticipated to increase by 6.9%, while the NRI population is currently growing by 1% per year.

The population of overseas Pakistanis, including non-resident Pakistanis (NRPs) and persons of Pakistani origin reached eight million in 2011.

The UK has the largest share of NRP millionaires, followed by the US, the Persian Gulf countries and Canada.

In 2011, the population of non-resident Bangladeshis (NRBs) reached 5.4 million.

The Persian Gulf countries account for the largest number of NRB millionaires, followed by the UK and the US.

During the review period, the total amount of NRB remittance sent to Bangladesh recorded robust growth.

Over the forecast period, the increasing number of Bangladeshis leaving their home country is projected to continue to drive remittance growth, with total remittance expected to record a CAGR of 12.02%.

The population of overseas Sri Lankans, including non-resident Sri Lankans (NRSLs) and persons of Sri Lankan origin reached 2.5 million in 2011.

Singapore accounts for the highest proportion of overseas Sri Lankans in 2011 followed by Canada, the UK and the UAE.

During the review period, the value of the worldwide wealth management market for NRSL millionaires increased at a CAGR of 12.43%.

Over the forecast period, the value is projected to record a CAGR of 11.31%.

The full report ‘South Asia’s Wealth Diaspora: Looking Beyond Non-Resident Indians’ is available from BRICdata. Click here for more details.