Combined NRI wealth more than India's GDP

The combined wealth of the 20-million strong non-resident Indians community is estimated to be over $1 trillion dollars -- more than the country's entire economy.

Overseas Indians are estimated to hold financial wealth, apart from real estate, gold and art, of over $500 billion. The total wealth would be over $1 trillion, according to the report by High-Powered Expert Committee appointed by the Centre to suggest ways to make Mumbai an international financial centre.

These NRIs were a natural beachhead as a customer base where an Indian Personal Wealth Management industry can get started. Their wealth management services were presently being sourced almost exclusively from abroad, the report said.

The report listed 11 activities typically provided by an international financial centre (IFC) and referred to PWM as one of the most important activities undertaken at an IFC.

According to the report, PWM for high-net worth individuals is estimated to involve management of personal assets of $8-10 trillion globally.