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South Asia's Wealth Diaspora: Looking Beyond Non-Resident

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South Asia's Wealth Diaspora: Looking Beyond Non-Resident South Asia’s Wealth Diaspora: Looking Beyond Non-Resident Indians Industry Forecast Report Reference code: IS0208MR Published: April 2012 BRICdata John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) 20 7936 6400 Fax: +44 (0) 20 7336 6813 www.bricdata.com www.bricdata.com EXECUTIVE SUMMARY 1 Executive Summary India Population and market size The population of overseas Indians, including non-resident Indians (NRIs) and persons of Indian origin (PIOs), reached XX.X million in 2011, with the population of NRI millionaires reaching approximately XXX,XXX in the same year. The US accounts for the largest proportion of NRI millionaires, followed by the UK, the UAE, Canada, Hong Kong, Singapore and Indonesia. The value of the worldwide wealth management market for NRI millionaires increased from US$XXX.X billion in 2007 to US$XXX.X billion in 2011, recording a compound annual growth rate (CAGR) of X.XX% during the review period (2007–2011). This value is expected to increase from US$XXX.X billion in 2012 to US$XXX.X billion in 2016, registering a CAGR of XX.XX% over the forecast period. The value of NRI inward remittance increased from US$XX.X billion in 2007 to US$XX.X billion in 2011, registering a CAGR of XX.XX% during the review period. India‘s economic growth and attractive returns from the country‘s capital markets are considered the main drivers of this growth in NRI remittance to the country. The country receives NRI remittance from across the world, including the Gulf countries, North America, South America, Europe, Africa, and East Asia. Investment trends and drivers India‘s strong economic growth remains the key driver for the increasing investment of wealth by overseas Indians in their home country. Overall, India‘s GDP recorded a CAGR of X.XX% during the review period to reach a value of US$X.XX trillion in 2011, with this growth driven by increased investment and consumption. In addition, the country‘s government has undertaken several initiatives designed to stimulate the country‘s overall economic growth. These initiatives include infrastructure development, reforms in the country‘s power generation industry, and investment in strengthening the country‘s telecommunications and internet networks. India‘s robust economic growth has made the country a preferred destination for NRI investment, with this investment concentrated in the Indian stock and real estate markets. With a worldwide NRI base of XX.X million, India already has the world‘s second-largest non-resident nationals‘ population. The country‘s NRI millionaire count of XXX,XXX is also among the highest in the world, with this group having average wealth of over US$X million. Moreover, the total wealth of NRI millionaires expected to increase by X.X% in 2011-2012, and the NRI population is currently growing by X% per annum. This equates to an annual growth of XXX,XXX people, a growth that is expected to increase opportunities for wealth management services providers. The Indian capital markets are stringently regulated by the Securities and Exchange Board of India and the Reserve Bank of India (RBI). In order to protect investors‘ interest and promote the Indian capital markets, these agencies have enacted several far-reaching reforms. These have resulted in a deep market where liquidity is not a major concern for individual investors. India‘s well-regulated and deepening capital market has encouraged the NRI population to invest in the country. The Indian government has implemented several initiatives in order to encourage NRIs to invest in India. For example, the Ministry of Overseas Indian Affairs (MOIA) is tasked with forming partnerships with overseas Indian investors in order to encourage them to invest in India. The ministry also seeks to make it easy for overseas Indians to carry out business in India, including the provision of appropriate advisory services through knowledge partners and helping to form partnerships between Indian companies and overseas Indian businesses. Competitive landscape Although the NRI wealth management market is currently dominated by foreign banks such as Citibank and HSBC, Indian banks such as ICICI, HDFC and SBI are gradually showing an increased interest in the market. Indian banks are also expanding their presence overseas in an attempt to take advantage of the larger NRI market that exists outside India. This increase in competition is expected to help serve the varying demands of the NRI population and increase market penetration. Challenges Just as elsewhere in Asia, the Indian wealth management market faces challenges due to the lack of qualified professionals to manage the assets of wealthy individuals. South Asia‘s Wealth Diaspora – Looking Beyond Non-Resident Indians Page 2 © BRICdata. This product is licensed and is not to be photocopied Published: April 2012 EXECUTIVE SUMMARY Pakistan Population and market size The population of overseas Pakistanis, including non-resident Pakistanis (NRPs) and persons of Pakistani origin (PPOs) reached eight million in 2011, with the population of NRP millionaires reaching approximately XX,XXX in the same year. With X,XXX NRP millionaires living in the country, the UK has the largest share of NRP millionaires, followed by the US, the Persian Gulf countries and Canada. The value of the worldwide wealth management market for NRP millionaires increased from US$XX.X billion in 2007 to US$XX.X billion in 2011, registering a CAGR of XX.XX% during the review period. This value is expected to increase from US$XX.X billion in 2012 to US$XX.X billion in 2016, registering a CAGR of XX.XX% over the forecast period. During the review period, the total value of inward NRP remittance increased from US$X.X billion in 2007 to US$XX.X billion in 2011, registering a CAGR of XX.XX% during the review period. Pakistan receives NRP remittance from countries worldwide, including the US, the UK, Saudi Arabia, the UAE, other Gulf Co-operation Council (GCC) countries, and other European and Asian countries. Investment trends and drivers With Persian Gulf countries accounting for XX% of the total non-resident Pakistani population, Gulf-based NRPs are one of the largest markets for wealth management companies. In terms of proportion of total NRP population, the Persian Gulf countries are followed by the UK and the US. Furthermore, Saudi Arabia and the UAE both employ a considerable number of Pakistani workers. Consequently, many leading domestic and international banks are focusing on these customers in order to expand their wealth management businesses. Pakistan‘s GDP increased from US$XXX.X billion in 2007 to US$XXX.X billion in 2011, registering a CAGR of X.XX% during the review period. Over the forecast period, this growth is expected to accelerate to a CAGR of X.XX%, with a projected value of US$XXX.X billion in 2016. Furthermore, the country‘s foreign exchange reserves also increased during the review period, recording a CAGR of X.XX% during the review period to reach a value of US$XX.X billion in 2011. This growth, which has been supported by the strong performance of the country‘s economic indicators, has increased the overseas Pakistani population‘s business confidence in their home country and is expected to have a positive impact on the NRP wealth management market in the country. The depreciation of the Pakistani currency against the US dollar during the review period resulted in a significant increase in the amount of remittance sent to Pakistan. Specifically, Pakistani currency depreciated from PKRXX.X against the US dollar in 2007 to PKRXX.X against the US dollar in 2011, causing the total remittance sent to the country to increase from US$X.X billion in 2007 to US$XX.X billion in 2011 and record a CAGR of XX.XX% during the review period. As well as family needs, these remittances are predominantly used for bank deposits, and investment in equity, bond and properties. Through careful timing of remittance, NRPs can take advantage of favorable currency exchange rates. Competitive landscape The Pakistani NRP wealth management market is still going through an initial phase of rapid growth. There are number of international and domestic banks operating in the market, including IGI Investment Bank Ltd, BMA Capital, JS Bank Limited, Deutsche Bank, United Bank Limited, HSBC, and Standard Chartered Private Bank. Due to the increasing number of banks catering to a limited number of clients, competition in the market has intensified considerably. In order to remain competitive, companies in the market have therefore undertaken several marketing and expansion strategies, such as offering innovative products and services, forming alliances with money transfer companies in order to increase the efficiency of the remittance process, and improving branchless banking. The growing competition in the market is expected to help serve the varying demands of the NRP population and increase market penetration. Challenges The political unrest and increasing threat of terrorism in Pakistan have negatively impacted all the country‘s industries. As a result of these factors, foreign investors are reconsidering their investment in the country, fearful of increasing political instability and their employees‘ safety. This is evidenced by the fact that new inflows of foreign investment into the country declined from US$X.X billion in 2007 to US$X.X billion in 2011, registering a CAGR of - XX.XX% during the review period. With the country‘s political unrest expected to continue, foreign investment into Pakistan may fall further during the forecast period. South Asia‘s Wealth Diaspora – Looking Beyond Non-Resident Indians Page 3 © BRICdata. This product is licensed and is not to be photocopied Published: April 2012 EXECUTIVE SUMMARY Bangladesh Population and market size The population of non-resident Bangladeshis (NRBs) reached X.X million in 2011, with the country‘s NRB millionaire population standing at approximately X,XXX in the same year.
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