Thanks to the stock market boom of the last three years, there are now 13,000 more Indian millionaires — dollar millionaires, not rupee.
MUMBAI: The Left may not like it, but India’s rich are getting richer. Thanks to the stock market boom of the last three years, there are now 13,000 more Indian millionaires — dollar millionaires, not rupee. That’s a growth of 19.3 per cent from 2004, the second fastest in the world after South Korea, which grew millionaires at the rate of 21.3 per cent. The world average was 6.5 per cent.
A dollar millionaire is one who owns assets worth about Rs4.60 crore, excluding primary residence and consumables.
According to the World Wealth Report, 2006, released by Merrill Lynch and Capgemini, the shoal of dollar millionaires in India swelled to 83,000 from last year’s 70,000, helped mainly by surging share values.
India’s millionaires are not a patch on those of the US, which had 26,69,000 of them. But Asian millionaires are the fastest-growing breed. “Even as the global high net worth population grew to 8.7 million, it was the key Asian markets that led to the global growth of dollar millionaires,” said Robert McCann, vice-chairman and president of Merrill Lynch’s global private client group.
Globally, the overall wealth of the world’s millionaires climbed to US $33.3 trillion in 2005, an 8.5 per cent increase over 2004.
Unsurprisingly, the BRIC nations (Brazil, Russia, India and China) created more millionaires in 2005, along with a few other Asian countries, thanks to fast-paced economic growth. Asia alone was home to some of the fastest-growing markets in terms of the population of high net worth individuals (HNWIs), occupying five out of the top 10 spots.
Only South Korea outpaced India by raising 21.3 per cent more millionaires compared to the previous year. Indonesia, stricken by several natural disasters during the year, saw its HNWI number rise 14.7 per cent, followed by Hong Kong with 14.4 per cent and Singapore with 13.4 per cent.
The number of Russians joining the club was about 15,000, a growth rate of 17.4 per cent. The Middle Kingdom saw 20,000 nouveau riche stampede in. The roster now totals three lakh Chinese millionaires.
Brazilians also showed it’s not all samba and football there. Some of them can accumulate moolah too, with 11,000 Brazilians dribbling their way through to enter the millionaire’s club, now 1.09 lakh strong.
“Economic growth and market capitalisation were the main drivers of wealth creation, making 2005 a year of robust but decelerating growth for some regions, following two consecutive years of strong global performance,” said Pradeep Dokania, head of the global private client group at DSP Merrill Lynch.
“In addition to Asia, Latin America and the Middle East exhibited strong growth, which benefited HNWIs investing domestically and from other parts of the world,” he said.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}