2020 Foresight: Non-Resident Indians

The Indian economy grew at a CAGR of 2.73% from 2011 to 2015, attracting investments from across the world, including NRIs. Moreover, the Indian government has undertaken several initiatives to stimulate the country’s overall economic growth, including infrastructure development, manufacturing, reforms in the power generation industry, and strengthening the country’s telecommunications and internet networks.

The Indian government has also opened up key sectors such as railways, defense, insurance and medical devices to attract higher levels of foreign direct investment (FDI). A favorable investment environment and strong government efforts to foster economic growth are expected to make India a preferred destination for NRI investment over the forecast period.

An Indian national who is away from India for more than 180 days per year is considered as an NRI for tax and other official purposes by the Indian government. For the purposes of issuing a PIO (person of Indian origin who is not a citizen of India) card, the Indian government considers anyone of Indian origin to be a PIO, up to four generations removed.

After India achieved independence in 1947, there was a distinct pattern of emigration during the subsequent decades. Initially, Indians left for the UK, and together with the US, this was the emigrant population’s favored destination. Smaller numbers of Indians also migrated to other English-speaking countries such as Australia and New Zealand. However, the rapid growth of the Middle Eastern oil industry in the 1970s attracted significant numbers of Indians to the Gulf countries, although this was generally on a contractual basis rather than the permanent migration as seen in other countries.

Today, the Indian diaspora is spread across the world, with NRIs and PIOs living in more than 200 countries. What percentage of the total Indian diaspora is located in Asia and Africa? Where do the majority live in these regions? What is the total of Indians who emigrate every year? By what percentage does this increase the Indian diaspora annually?

Scope

• Detail on the key growth drivers of the wealth management market for NRIs

• Insight on key market trends and growth opportunities

• Analysis of investment trends for NRIs

• Detail on the marketing and growth strategies adopted by various banks and wealth management service providers to increase their shares in the NRI wealth management sector

• The geographical spread of the overseas Indian population in four regions: Africa, the Americas, Asia-Pacific and Europe

• NRI millionaires population by country

• The NRI millionaires total wealth in US$ billions

• NRI millionaires wealth by country in US$ billions

• The key regulatory and operational challenges faced by the Indian wealth industry

• Competitive landscape on the NRI wealth management market in various key countries globally including detail on wealth managers, family offices and private banks.

• An overview of leading companies in the NRI wealth management market

• The asset allocations of NRIs in key countries

• NRI remittances by continent of origin

Key Highlights

What was the total number of NRI millionaires in 2015? What was their average wealth in US$ million?

Which country accounted for the largest proportion of NRI millionaires? Which countries account for the next six largest proportions respectively?

Which countries accounted for the largest share of remittances to India in 2015? What was the total of this remittance in US$ billion?

What was the value of the worldwide wealth management market for NRI millionaires in 2015 in US$ billion? By how much is this value expected to increase in 2020?

Reasons to buy

• Investigate a comprehensive analysis of the NRI private banking and wealth management sector and ensure your value proposition is based on the most current market information

• Gain a deeper understanding of the global landscape of the NRI wealth management market and identify new opportunities to grow your share of the market

• Assess regulatory developments and operational challenges affecting the NRI wealth management industry and ensure you remain compliant whilst minimizing your exposure to risk

• Evaluate the asset allocations, investment trends and growth drivers of the NRI population and develop your value proposition to achieve an optimum return on investment

Companies mentioned

JP Morgan Private Bank

Morgan Stanley Wealth Management

Northern Trust Family Office

ABN Amro Private Banking

Hawksford

Beta Consultants

Bank Leumi Private Banking

Arkin Holdings

National Commercial Bank Private Banking

NCB Capital Wealth Management

Diamond Bank

Premium Pensions Ltd

Credit Suisse

Arisaig Partners (Asia) Pte Ltd

HSBC

The Henley Group Ltd

Orion Partners

Table of Contents

Table of Contents

1 Introduction

1.1 What is this report about?

1.2 Definitions

2 Executive Summary

3 Non-Resident Indians

3.1 NRI Population

3.2 Number of NRI Millionaires

3.2.1 NRI millionaires – wealth

3.2.2 NRI millionaires – demographic breakdown

3.2.3 NRI millionaires – industry breakdown

3.2.4 NRI billionaires – profile

3.3 NRI Wealth Portfolio

3.4 Remittances

4 Non-Resident Indian Investment Trends and Drivers

4.1 Investment Opportunities for Non-Resident Indians

4.2 Challenges Faced by the Indian Wealth Management Industry

4.3 Competitive Landscape

4.4 Overview of Leading Companies

4.5 Marketing and Expansion Strategies

5 Non-Resident Indians in the UK

5.1 Overview of NRI Trends in the UK

5.2 Competitive Landscape

5.2.1 Private banks

5.2.2 Wealth managers

5.2.3 Family offices

6 Non-Resident Indians in the US

6.1 Overview of NRI Trends in the US

6.2 Competitive Landscape in the US

6.2.1 Private banks

6.2.2 Wealth managers

6.2.3 Family offices

7 Non-Resident Indians in the Middle East and Africa

7.1 Overview of NRI Trends in the Middle East and Africa

7.2 The Competitive Landscape in the UAE

7.2.1 Private banks

7.2.2 Wealth managers

7.2.3 Family offices

7.3 The Competitive Landscape in Israel

7.3.1 Private banks

7.3.2 Wealth managers

7.3.3 Family offices

7.4 The Competitive Landscape in Saudi Arabia

7.4.1 Private banks

7.4.2 Wealth managers

7.4.3 Family offices

7.5 The Competitive Landscape in South Africa

7.5.1 Private banks

7.5.2 Wealth managers

7.5.3 Family offices

7.6 The Competitive Landscape in Nigeria

7.6.1 Private banks

7.6.2 Wealth managers

7.6.3 Family offices

8 Non-Resident Indians in Singapore

8.1 Overview of NRI Trends in Singapore

8.2 The Competitive Landscape in Singapore

8.2.1 Private banks

8.2.2 Wealth managers

8.2.3 Family offices

9 Non-Resident Indians in Hong Kong

9.1 Overview of NRI Trends in the Hong Kong

9.2 The Competitive Landscape in Hong Kong

9.2.1 Private banks

9.2.2 Wealth managers

9.2.3 Family offices

10 About WealthInsight

List of Tables

Table 1: Geographical Spread of the Overseas Indian Population in Africa, May 2015

Table 2: Geographical Spread of the Overseas Indian Population in the Americas, May 2015

Table 3: Geographical Spread of the Overseas Indian Population in Asia-Pacific, May 2015

Table 4: Geographical Spread of the Overseas Indian Population in Europe, May 2015

Table 5: NRI Millionaires – Populations by Country, 2015

Table 6: NRI Millionaires – Total Wealth (US$ Billion), 2016–2020

Table 7: NRI Millionaires – Wealth by Country (US$ Billion), 2015

Table 8: Top NRI Billionaires (US$ Billion), 2015

Table 9: Permitted Foreign Direct Investment by Sector

Table 10: FDI Inflows (US$ Billion), April 2000–March 2015

Table 11: Overseas Offices of Indian Banks

Table 12: Deposits in Banks by NRIs (US$ Billion), 2011–2015

Table 13: Key Regulatory and Operational Challenges Faced by the Indian Wealth Industry

Table 14: Wealth Management Industry – Main Companies Operating in India

Table 15: UK Top 10 Private Banks in the Wealth Management Market, 2014

Table 16: Top 10 Wealth Management Companies in the UK, 2014

Table 17: UK Cities by Volume of Wealth Management Offices, 2014

Table 18: US Top 10 Private Banks by AuM, 2014

Table 19: US Top Foreign Private Banks by AuM, 2014

Table 20: US Wealth Managers per City, 2014

Table 21: US Top 20 Wealth Managers by AuM, 2014

Table 22: US Family Offices, 2014

Table 23: US Family Offices per City, 2014

Table 24: The UAE: Wealth Managers, 2014

Table 25: The UAE: Family Offices, 2014

Table 26: Israel: Major Local Private Banks, 2014

Table 27: Israel: Family Offices, 2014

Table 28: Leading Domestic Private Banks in Saudi Arabia by Local AuM (US$ Billion), 2014

Table 29: Leading Wealth Managers in Saudi Arabia by AuM (US$ Million), 2014

Table 30: Top Private Banks in Singapore, 2014

List of Figures

Figure 1: Geographical Spread of the Overseas Indian Population, 2015

Figure 2: NRI Millionaires – Populations by Country (%), 2015

Figure 3: NRI Millionaires – Total Wealth (US$ Billion), 2016–2020

Figure 4: NRI Millionaires – Wealth by Country (%), 2015

Figure 5: NRI Millionaires – Age Distribution, 2015

Figure 6: NRI Millionaires – Gender Distribution, 2015

Figure 7: NRI Millionaires – Sources of Wealth, 2015

Figure 8: NRI Millionaires – Distribution by Industry, 2015

Figure 9: NRI Investment Portfolios, 2015

Figure 10: Indian Remittances (US$ Billion), 2011–2015

Figure 11: Indian Remittances by Continent of Origin

Figure 12: Utilization of Funds Remitted Home by Overseas Indians

Figure 13: Indian GDP Growth Rate (%), 2011–2020

Figure 14: Performance of the Rupee Against the US Dollar

Figure 15: NRI Bank Deposits (US$ Billion), 2011–2015

Figure 16: NRI Millionaires Domiciled in the UK by Primary Source of Wealth, 2015

Figure 17: NRI Millionaires Domiciled in the UK by Age Group, 2015

Figure 18: NRI Millionaires Domiciled in the UK by Industry, 2015

Figure 19: Asset Allocations of NRI Millionaires Domiciled in the UK, 2015

Figure 20: NRI Millionaires Domiciled in the US by Primary Source of Wealth, 2015

Figure 21: NRI Millionaires Domiciled in the US by Age Group, 2015

Figure 22: NRI Millionaires Domiciled in the US by Industry, 2015

Figure 23: Asset Allocations of NRI Millionaires Domiciled in the US, 2015

Figure 24: NRI Millionaires Domiciled in the Middle East and Africa by Primary Source of Wealth, 2015

Figure 25: NRI Millionaires Domiciled in the Middle East and Africa by Age Group, 2015

Figure 26: NRI Millionaires Domiciled in the Middle East and Africa by Industry, 2015

Figure 27: Asset Allocations of NRI Millionaires Domiciled in the Middle East and Africa, 2015

Figure 28: NRI Millionaires Domiciled in Singapore by Source of Primary Wealth, 2015

Figure 29: NRI Millionaires Domiciled in Singapore by Age Group, 2015

Figure 30: NRI Millionaires Domiciled in Singapore by Industry, 2015

Figure 31: Asset Allocations of NRI Millionaires Domiciled in Singapore, 2015

Figure 32: Asset Allocations of NRI Millionaires Domiciled in Hong Kong, 2015

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