India’s expertise in the information technology and software industries helped grow the wealth of many non-resident Indians in the U.S., but also reduced their net worth as the Internet bubble burst.

The Indian community in the U.S. was probably affected by these events more than any other expatriate community in the world, note some studies.

“However, this is a cohesive and resilient community and many people have renewed vigor in their business operations and investments,” says Subha Barry, first vice president and head of Merrill Lynch’s multicultural and diversified business development group.

There are an estimated 20 million people of Indian origin currently residing outside India, with the largest populations in Myanmar, the United States, Malaysia, Saudi Arabia and the United Kingdom, according to research by the London-based think-tank, the Scorpio Partnership.

“In the U.S., South Asians are the sixth largest foreign population, with more than 1.8 million people of Indian origin,” says Jyoti Chopra, director of South Asian business at Merrill Lynch. “This was the fastest growing foreign population in the country, with the number of people of Indian origin surging 105.9% between 1990 and 2000, according to the 2000 census report,” Chopra says. “Non-resident Indians 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 noted South Asians continue to find success in the U.S. among technology entrepreneurs, physicians and health care providers, small business owners, and corporate executives. “In late 2001 after the technology bubble, Merrill Lynch estimated the size of the Indian entrepreneur market in Silicon Valley alone to comprise 200,000 people, with wealth worth $60 billion.”