New Delhi: Riding high on strong economic growth and robust gains in stock markets, the number of millionaires in India has crossed 100,000 mark — emerging as the world’s second fastest growing nation after Singapore.
The number of high net worth individuals (HNWI), with a net asset of at least $1 million, increased by 20.5% to 1,00,015 in India last year, second only after 21.2% growth in Singapore, according to the World Wealth Report released by Merrill Lynch and Cap Gemini on 28 June.
Besides India, countries like Australia, Brazil, Canada, China, Germany, Russia, UK and the US also have more than one lakh people with at least $1 million in net assets, excluding their primary residence and consumables.
The number of Indian millionaires stood at about 83,000 in 2005.
The worldwide population of HNWIs increased by 8.3% to 9.5 million, while their collective wealth rose by 11.4% to $37.2 trillion in 2006, it says.
While attributing the wealth generation to gains in GDP and continued market capitalisation growth across the world, Merrill Lynch and Capgemini predicted the overall HNWI financial wealth to grow to $51.6 trillion by 2011 at 6.8% a year.
Driven by strong gains in countries like India, Singapore and China, the HNWIs’ combined wealth in Asia increased by 10.5% to $8.4 trillion.
“Asia was also home to some of the fastest growing markets in terms of HNWI population, occupying five out of the top 10 spots globally,” the report said.