236,000 NRIs are worth $915 billion

INTERESfactsA report by wealth consultancy Wealthinsight says the number of NRIs with millionaire status last year was 2.36 lakh, with an average wealth of over $3.83 million.

The total NRI population was pegged at around 28 million. The US accounted for the largest proportion of NRI millionaires with 133,564 or 56,5 percent share, followed by the UK with a.7 percent share. Other countries with a significant number of NRI millionaires include the UAE, Canada, Hong Kong, Singapore, Indonesia and Japan.

The total wealth of NRI millionaires was estimated at some $915 billion in 2015 and is expected to reach $1.4 trillion by 2019.

The inward NRI remittances were $72.17 billion in 2015 and besides family needs, remittances are most often used for investments in stocks, term deposits, and land and property.

According to the report, the key sectors in which NRIs are expected to increase investment in India include realty and healthcare.