The wealth management investment by millionaire non-resident Indians worldwide is expected to grow 10.93 per cent by 2016, a new study shows.

The research titled "South Asia's Wealth Diaspora: Looking Beyond Non-Resident Indians," by global intelligence firm BRICdata found that with a worldwide NRI base of 21.6 million, India has the second-largest non-resident national population in the world, with an NRI millionaire count of 170,000, or those whose wealth average $3 million.

During the review period of 2007 to 2011, the value of the worldwide wealth market for NRI millionaires is said to have increased at a compound annual growth rate of 9.4 per cent, with the same expected to rise even further to 10.93 per cent from 2011 to 2016. The CAGR refers to rate of return on an investment over a specific period.

The US accounts for the largest number of NRI millionaires, followed by the UK, the UAE, Canada, Hong Kong, Singapore and Indonesia. NRPs, or non-resident Pakistanis, have also grown in number, reaching eight million as of 2011. Persian Gulf countries account for 48 per cent of the total NRP population, followed by the UK and the US.

The study was conducted to provide a greater understanding of the fast-growing millionaire NRI and NRP numbers and aims at companies looking to tap both markets to expand their wealth management businesses. It also covered the growth of non-resident Sri Lankans and non-resident Bangladeshis, whose population had reach 2.5 million and 5.4 million, respectively, as of 2011.

The full report may be obtained here.