Indians abroad are getting richer; a new study by wealth consultancy WealthInsight has revealed. The new study suggests that NRIs who held millionaire status last year was around 0.24 million, with an average wealth of over $3.83 million.
Total NRI population is estimated to be around 28.4 million, with the largest population (over 55%) of Indian Millionaires residing in United Sates of America. This is followed by the UK with around 13% share.
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 confirms.
An Indian national who has been residing in another country for more than 180 days per year is considered an NRI for tax and other official purposes by the Indian government. The rising numbers of millionaires abroad is also good news for India as it means more investment in varied sectors such as in realty and healthcare sectors.