India, China, Brazil show sharpest growth in millionaires: study

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

PARIS, June 24, 2008 (AFP) – The number of millionaires worldwide rose 6.0 percent last year to 10.1 million, with the sharpest gains recorded in emerging market powerhouses India, China and Brazil, a study revealed Tuesday. The 12th annual World Wealth Report, prepared by US investment bank Merrill Lynch and information technology group Capgemini, highlighted the rising clout of emerging market countries on the global financial stage.

It said assets held overall by the world’s millionaires soared to 40.7 trillion dollars last year from 2006, with the average exceeding 4.0 million dollars for the first time.

The study also found that the number of people — 103,320 — with net assets of at least 30 million dollars rose by 8.8 percent in 2007.

It described global economic momentum was “solid” in 2007, both in terms of real GDP (gross domestic product) and market capitalisation — “the two primary drivers of wealth generation.

“This year’s report found that the number of high net worth individuals (with net assets, excluding primary residences, of at least 1.0 million dollars), and the amount of wealth they control, continued to increase in 2007, with the greatest wealth being created in the emerging markets

Notify of
Inline Feedbacks
View all comments