180,000 Indian millionaires live abroad.
With an average wealth of $3 million each, non-resident Indian (NRI) millionaires are the wealthiest domiciled diaspora of their kind.
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According to a new report from WealthInsight, 180,000 Indian millionaires live abroad collectively worth US$634 billion. By 2017, this number is expected to grow by 10.2% to reach $1.065 trillion. The US accounts for the largest population of NRI millionaires: It is home to 67,300, over a third (37.4%) of all NRI millionaires.
NRI millionaires, a very different diaspora to their non-millionaire counterparts
The US is the most populous country for NRIs and NRI millionaires alike; however, further down the ranking of preferred destinations, the two types of NRI differ starkly. The most popular countries for non-millionaire NRIs after the US include Malaysia, Saudi Arabia and the UAE, whereas NRI millionaires flock to the US, UK, UAE and Canada respectively.
"When it comes to choosing a country of domicile, so much comes down to wealth. With immigration rules tightening in many developed nations, the UK among them, visas inevitably favour the wealthier and skilled," says WealthInsight’s Oliver Williams.
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By GlobalDataAccording to Williams, the UK is of particular interest in this ranking. "That the UK is home to the second largest number of NRI millionaires perhaps reveals some more favourable colonial legacy among wealthier Indians."
For much more information on this, please see attached white paper: ‘NRIs, India’s Non-Resident Spenders.’
This information is based on the WealthInsight report: ‘2020 Foresight Report: Non-Resident Indians’.
