Economic Trends
Marion Maneker0October 05, 2010

NRIs Own More than $1 Trillion in Assets

According to Reuters, Deutsche Bank sees a lot of money going into art in Asia:

Non-resident Indians own more than $1 trillion in assets, about half of it in gold, real estate and art, according to estimates by the Confederation of Indian Industry and India’s Ministry of Finance [...]

Many rich Indian families are spread across several countries and Deutsche is keen to tap part of their wealth held in cities such as Singapore and Hong Kong, said Ajay Jaiswal, who heads the Asian operations of the Deutsche Bank Private Wealth Management unit that serves the South Asian diaspora.

Currently, Deutsche has 60 people focusing on rich clients of Indian,Pakistani, Sri Lankan and other South Asian origins, he said at the Reuters Global Private Banking Summit.

Jaiswal said Deutsche also sees opportunities from wealth transfers from one generation to another.

“A lot of people are not aware that 85 percent of the wealth in Asia is going to change hands to the next generation in the next 15 years,” he said.

Deutsche Eyes Bankers Serving South Asian Rich (Reuters)