The number of NRIs who held millionaire status last year was 2.36 lakh, with an average wealth of over $3.83 million, says a report by wealth consultancy WealthInsight.
The total NRI population was pegged at around 2.84 crore. An Indian national who is away from India for more than 180 days per year is considered an NRI for tax and other official purposes by the Indian government.
As expected, the US accounted for the largest proportion of NRI millionaires with a total of 133,564, or a 56.5 per cent share, followed by the UK with a 12.7 per cent share. Other major countries with a significant number of NRI millionaires include the UAE, Canada, Hong Kong, Singapore, Indonesia and Japan, the report said.
The total wealth of NRI millionaires was estimated at around $915 billion in 2015 and is expected to reach $1.4 trillion by 2019, the report said.
India’s strong economic growth and depreciation of the rupee have been key driving forces of increased investment from overseas Indians in the country, the report said.
The value of inward NRI remittances rose from $62.49 billion in 2011 to $72.17 billion in 2015, the report said. “As well as family needs, remittances are most often used for investments in stocks, term deposits, and land and property,” it added.
The key sectors, according to the report, in which NRIs are expected to increase investment in India, include realty and healthcare.