(New York) 18 November 2021: HSBC has launched its first ever ‘Global Indian Pulse’ report, delving into what drives the connection between Global Indians and India. The Indian diaspora is the largest migrant population in the world and yet there is limited data looking at how they view the countries* where they live, and also the strength and importance of their connections back to India.
Building on its 155-year relationship with India, HSBC's first edition of The Global Indian Pulse is the most comprehensive cross-border study into Global Indian attitudes of its kind. The study examines the attitudes of 4,152 people across nine markets with a prominent Global Indian presence – including the US. It provides compelling evidence and new understanding of the emotional and financial contribution that ties three generations of Global Indians to both India, and to the countries that they were either born in, live in, or have settled in.
Tara Latini, Head of Wealth and Personal Banking at HSBC US, said:
“Our study highlights the unique connection that Global Indians maintain with India, but also with the rest of the world. These connections bring security, new perspectives, and burgeoning ideas, all of which can help us to understand how we better innovate and open up a world of opportunity for our customers, whether inside India or around the globe.”
“Global Indians are making a significant contribution to the success and prosperity of countries all around the world, including the United States. But they are also the biggest remitters of money back to their home country – more than $80 billion annually.”
Influences on investors
Those connections are reflected by where they put their money, with eight in ten (81 per cent) of those surveyed investing in the US and seven in ten (70 per cent) in India.
For many Global Indians, the United States has offered economic opportunity and professional fulfillment, especially through the recent boom in the technology sector fueling the popularity of visas like the H-1B. The report shows that Global Indians are looking at ways they can cultivate those same opportunities in India through investing in its environmental and social future.
The report shows the global pandemic has driven a change in attitudes towards investment in India. Almost three quarters (72 per cent) of Global Indians surveyed said the pandemic has made them feel closer to friends and family in India. And as a result, over a third (36 per cent) have proactively increased their investments with the aim of promoting positive change in India, with 3 in 10 (29 per cent) increasing their investments with the purpose of supporting the country’s COVID recovery. This was particularly true among third generation Global Indians, with three fifths (63 per cent) of respondents making the decision to increase their investments, despite having never lived there.
U.S. Global Indians see stocks and shares (47 percent) as the most important investment class, followed by property (46 per cent). However, local businesses are also significant, mentioned by a third (33 per cent) of those surveyed.
Technology and digital innovation (58 per cent) is the sector U.S. Global Indians back most strongly as the sector to perform best over the next decade, ahead of healthcare infrastructure (36 per cent).
Ties and connections
The research also found Global Indians maintain strong connections back to their homeland regardless of whether they are first, second or third generation. More than three quarters (77 per cent) of those surveyed said they felt a strong connection with India, and four fifths (80 per cent) are very interested in the future success of India.
Even for those who have never lived in India, the connection remains strong, with third generation Global Indians feeling just as attached to India as those who were born there. The data reveals the feeling of missing India means different things to different generations and could be experienced through family, food, friends, culture or religion:
|Total||FIRST GENERATION||SECOND GENERATION||THIRD GENERATION|
Commenting on the study, Professor Jaideep Prabhu, Jawaharlal Nehru Professor of Indian Business & Enterprise at the Judge Business School, University of Cambridge said:
“There is a huge vibrancy and an incredible untapped economic opportunity associated with India. This potential transcends traditional investments, like stocks, shares and property, and goes much deeper into the two-way flows of talent, capital, technology and access to markets between India and Global Indians’ countries of residence. Global mobility also strengthens connections, enabling greater innovation and cultural links across borders and all the associated benefits that come with this.”
For more information about the findings of the Global Indian Pulse, visit: HSBC Global Indian Pulse
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Notes to Editors
About The Global Indian Pulse
The Global Indian Pulse was conducted by industry research firm Ipsos between 18 August-13 September 2021. Ipsos interviewed 4,152 Global Indians in 9 markets (USA, Canada, UK, Saudi Arabia, UAE, Hong Kong, Singapore, Malaysia, Australia) using its online panel. First generation Global Indians are those born in India, second generation are those who had a parent born there and third generation are those who had a grandparent born there respectively.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,969 billion at 30 September 2021, HSBC is one of the world’s largest banking and financial services organizations.
HSBC USA Inc. ("HUSI") is a Maryland corporation and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its subsidiaries, HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments. HSBC USA Inc. is a wholly-owned subsidiary of HSBC North America Holdings Inc.