A recent Wealth-X and UBS World Ultra Wealth Report 2014 found that with $1.01 trillion in assets, 8595 Indians together have taken India to sixth position in a global ranking of high-net worth individuals ie those with a net asset value of more than $30 million, increased to 9.5 percent over the previous year. India has the third largest population of ultra-rich individuals in Asia, after Japan and China. India also has more ultra-rich people than Switzerland, Canada, France, Hong Kong, Singapore and Saudi Arabia. Those countries ahead of India are the US, Germany, the UK, Japan and China. The report also stated there are some 5000 NRIs on the global list, a majority of whom are settled in Europe or North America, and noted that promising policy and political changes such as the election of Narendra Modi as Prime Minister, has resulted in growing confidence in the region's prospects.