The value of the worldwide wealth management market for non-resident Indian millionaires increased at a compound annual growth rate of 9.4 per cent over the period 2007-2011, and is forecast to grow even faster until 2016, according to a new report from Bricdata.

The value of this market is set to expand by a compound annual rate of 10.93 per cent between 2012-2106, according to Emerging Opportunities in the South Asia Wealth Management Industry: Market Size, Strategies, Products and Competitive Landscape.

The NRI population has a worldwide base of around 21.6 million and represents the world’s second-largest non-resident population; of these individuals, around 170,000 are millionaires, with average wealth of over $3 million.

The US accounts for the largest proportion of NRI millionaires, followed by the UK, the UAE, Canada, Hong Kong, Singapore and Indonesia.

Last year, Wealth-X released research focusing on the top-end of the NRI market, claiming that the UHNW segment of this market, with around 4,960 individuals, was worth some $465 billion.

A geographical breakdown of Wealth-X’s data shows that around 39 per cent of these ultra-wealthy NRIs live in North America, while Europe and North America together account for approximately 60 per cent of the market – or 3,000 individuals.