Indian Millionaires Growing at 22.7%

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The financial market may have taken a severe beating, inflation is becoming a major concern, fuel, food prices may be on their all time high. But all this doesn’t seem to stop the number of millionaires cropping up from India.



The latest figures created from the 12 th Annual World Wealth Report, issued Thursday by brokerage Merrill Lynch and consultancy Capgemini. Have explicitly declared the rise in the number of millionaires in India as well as Asia by large.


Infact as per 2007, India has clinched the 1st spot in terms of millionaire growth in the world, china coming in 2nd. the number of millionaires in India grew by 22.7% in 2007 alone as compared to last years survey which mentioned a 20% growth. The asian pair producing 123,000 individuals in India and to 415,000 in China.

“In the Asia Pacific region, wealth is being created at an unprecedented rate. We are in the midst of a multi-year growth trajectory in terms of the number of high net worth individuals in this part of the world and also their combined wealth,” said Victor Tan, Hong Kong market director at Merrill Lynch Global Wealth Management.


According to this article by Forbes - Asia churns out newly minted millionaires faster than anywhere else: it is home to five of the ten fastest-growing markets in the area of private wealth creation.

Asia now boasts 2.8 million millionaires, third most after North America’s 3.3 million and Europe’s 3.1 million but far ahead of the 400,000 each in Latin America and the Middle East. Africa has the biggest scarcity of millionaires, with just 100,000.


So all those who thought that India’s dreams for yachting environment are over.. think again!!!