According to an annual Merrill Lynch Capgemini report, India created millionaires at the fastest pace in the world in 2007 and added 23,000 millionaires in dollar terms last year to its 2006 total of 100,000.
The report added that India led the world in HNWI (high net worth individuals) population growth at 22.7 percent, driven by market capitalisation growth of 118 percent and real GDP (gross domestic product) growth of 7.9 percent. Although India’s real GDP growth decelerated from 9.4 percent in 2006, current levels are considered more stable and sustainable.
The number of people around the world with at least $1 million in assets passed 10 million for the first time last year, marking a 6 percent increase from the previous year. This growth, however, was lower than the 8 percent recorded from 2005 to 2006.
The combined wealth of the 10 million millionaires grew to nearly $41 trillion last year, which is 9 percent more than in 2006. That means their average wealth was more than $4 million, the highest it has ever been. Home values were not included in asset totals.
Besides India, two other developing economies, China and Brazil, were also growing millionaires at a high rate, albeit the US continues to lead the list. One in every three millionaires in the world lives in America while Africa, the Middle East and Latin America together account for just one in 10.