Washington, June 10, 2005
http://www.hindustantimes.com/news/181_1395243,00050001.htm?headline=Merrier~with~more~Indian~millionaires
India's teeming millions are rising to a rich vortex. The number of
millionaires in India has shot up to 70,000 during 2004 ? a 14.6 per
cent rise over the previous year, in tandem with the country's overall
growth trends. The past year saw a whopping addition of 9,000 moneybags
to India's millionaires club.
The World Wealth Report 2005, released by Merrill Lynch and Capgemini
in New York on Thursday, points out that the Indian growth in the
number of millionaires is among the highest.
In global terms, however, the figure may still be at the low end. In
contrast to India's 70,000, Brazil has 98,000 millionaires, China
300,000, UK 418,000 and the US a whopping 2,498,000.
When it talks of millionaires, the report means "high net worth
individuals" ? those with a net worth of at least US $1 million,
excluding their primary residence.
Worldwide, there are 8.3 million such individuals, up by 600,000 over
their number in 2003. This upswing has been led by Asia and North
America. Overall, North America has 2.7 million of these millionaires,
Europe 2.6 million and Asia-Pacific 2.3 million.
The total worth of the world's wealthy elite is now estimated at 30.2
trillion dollars. India, along with Singapore, Hong Kong and Australia,
saw the highest rates of growth of millionaires in the Asia-Pacific
region
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Regards,
Carlos
