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India has 153000 millionaires: Report


June 24, 2011 - London

India has moved into 12th spot in the list of countries with most millionaires. India has 153,000 millionaires, a report by Capgemini and Merrill Lynch Wealth Management has revealed.

The U.S has the most millionaires at around three million and China ranks fourth with 535,000 millionaires. Japan is in second and Germany is third.

Asia, with 3.3 million has the highest number of high net-worth millionaires followed by Europe's 3.1 million.

Africa showed the biggest increase in the number of millionaires by region with growth of 11.1 percent, while India entered the top 12 country rankings for the first time, with 153,000. The number of millionaires in China grew by 12 percent to 534,500.

"While over half of the global high-net-worth individuals still reside in the top three countries, the concentration is fragmenting," Herbert Hensle, vice-president and head of Capgemini's Swiss office was quoted as saying by The China Daily.

Growth in the number of global millionaires slowed from 17 percent in 2009, when wealth rebounded following the credit crisis that sent stock indices to their worst annual losses since the Great Depression and slashed the value of real estate holdings, hedge-fund and private-equity investments.

ANI

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