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It's raining millionaires in India
June 26, 2008
India shining!
Beating the inflation blues is the story of rising millionaires. The India growth story just got better...India has emerged as the home to fastest growing millionaire population. Millionaires in India grew by a record 23,000 in 2007.
According to the annual World Wealth Report released by Merrill Lynch and Capgemini, India saw its millionaire population surging in 2007 by 22.6 per cent -- which is higher than any other country in the world.
In the previous year's report, India had the second fastest growth rate of 20.5 per cent after Singapore's 21.2 per cent.
The number of high-net worth individuals (HNWIs) in India grew to about 1,23,000 at the end of 2007, up from 100,015 a year ago, the report said.
India is followed by China in terms of growth in the millionaire population. Brazil recorded the third-highest HNWI growth rate in 2007. Russia comes next in the list of fastest-growing HNWI populated nations, reflecting the dominance of BRIC nations.
HNWI: Individuals with net assets of at least US$1 million, excluding their primary residence and consumables.
Ultra -HNWI :Individuals with net assets of at least US$30 million, excluding their primary residence and consumables.
Image: Shahrukh Khan hosting the popular 'Kaun Banega Crorepati' show which is based on the format of UK show 'Who Wants to be a Millionaire'.| Photograph: Manpreet Romana/AFP/Getty Images
Also read: A crorepati who lives in a hut!
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