Despite volatile markets and the collapse of the technology bubble, the South Asian community in the United States -- especially Indians -- continues to grow and build wealth, according to a study released by Merrill Lynch on Tuesday.
The report praised India's expertise in the information technology and software industries, saying it helped increase the wealth of many Non-Resident Indians in the US even though it also reduced their net worth after the Internet bubble burst.
"The Indian community in the US was probably affected by these events more than any other expatriate community in the world," the report noted.
However, this is a "cohesive and resilient community and many people have renewed vigour in their business operations and investments," according to Subha Barry, first vice president and head of Merrill Lynch's multi-cultural and diversified business development group.
There are an estimated 20 million people of Indian origin currently residing outside India with the largest population in Myanmar, US, Malaysia, Saudi Arabia and the United Kingdom, according to a study by the London-based think-tank: The Scorpio Partnership.
"In the US, South Asians are the sixth largest foreign population with more than 1.8 million people of Indian origin," according to Jyoti Chopra, director of the South Asian business of the group.
"This is the fastest growing foreign population in the country with the number of people of Indian origin surging 105.9 per cent between 1990 and 2000," Chopra said quoting the latest census figures.
NRIs continue to contribute strongly to the national economy, and are estimated to include 200,000 millionaires. "The median income is over $60,000 compared to the national average of $38,885," she added.
Studies by Merrill Lynch show that the NRI community is highly conservative when it comes to business and finance with a strong propensity towards saving.
"Education and saving for future education needs for the next generation continues to be a high priority," Chopra said.
