Riding high on strong economic growth and robust gains in stock markets, the number of millionaires in India has crossed one lakh 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 atleast one million dollar, increased by 20.5 per cent to 1,00,015 in India last year, second only after 21.2 per cent growth in Singapore, according to the World Wealth Report released by Merrill Lynch and Cap Gemini on Thursday.
Besides India, countries like Australia, Brazil, Canada, China, Germany, Russia, UK and the US also have more than one lakh people with at least one million dollars 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 per cent to 9.5 million, while their collective wealth rose by 11.4 per cent 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 an annual rate of 6.8 per cent.
Driven by strong gains in countries like India, Singapore and China, the HNWIs' combined wealth in Asia increased by 10.5 per cent 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.