ID :
10842
Thu, 06/26/2008 - 10:00
Auther :
Shortlink :
http://m.oananews.org//node/10842
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India's millionaire population records fastest growth in world
New Delhi, June 26 (PTI) - India has witnessed the fastest
growth in millionaire population in the world last year on the
back of robust economic growth and a sharp stock market surge,
a new report has said.
According to the annual World Wealth Report released by
investment banking major Merrill Lynch and consultancy major
Capgemini, India saw its millionaire population surging in
2007 by 22.6 percent -- 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 percent after Singapore's 21.2
percent.
The number of High-Net Worth Individuals (H.N.W.Is) 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 at 20.3 percent, as their numbers grew
from 345,000 to 415,000.
The report said that the worldwide population of people
with at least one million dollar to invest, after excluding
the value of their homes or consumable assets, rose to 10.1
million.
"Driven by market capitalisation growth in emerging
economies, the wealth of the world's high-net-worth
individuals increased 9.4 percent to 40.7 trillion dollar,"
the 12th annual World Wealth Report said.
"The number of H.N.W.Is in the world increased 6 percent
in 2007 to 10.1 million, the number of ultra-high-net-worth
individuals (Ultra-H.N.W.Is) increased by 8.8 percent," it
noted.
Merrill Lynch and Capgemini said that for the first time
in the history of the report, the average assets held by
millionaires has exceed four million dollars.
The report noted that India's leading position was
"driven by market capitalisation growth of 118 percent and
real GDP growth of 7.9 percent."
"Although India's real GDP growth decelerated from 9.4
percent in 2006, current levels are considered more stable
and sustainable. India's two largest exchanges — the Bombay
Stock Exchange and the National Stock Exchange — ranked among
the world's top 12 exchanges by the end of 2007, boosted by
initial public offering markets and heightened international
interest," it further said.
The report noted that, although, market capitalisation
and real G.D.P. growth rates were higher in China than India,
the H.N.W.I. population of India grew faster in 2007.
"As market capitalisation and real GDP in China were
spread over a larger population, there were smaller per capita
gains in China. In 2006, India had a larger market
capitalisation growth than gross national income,
significantly impacting the country's H.N.W.I. population
growth.
"In addition, China is currently experiencing explosive
growth in its 'mass affluent' population, which has yet to
break the H.N.W.I. threshold of one million dollar," it said.
Proving the dominance of B.R.I.C. countries, Brazil
recorded the third-highest H.N.W.I. growth rate in 2007 at
19.1 percent, while Russia also figured among the world's 10
fastest-growing H.N.W.I. populations despite a growth
deceleration from 15.5 percent in 2006 to 14.4 percent in
2007.
"With a significant portion of H.N.W.I. wealth invested
in stock markets, market capitalisation performance is an
important determinant of H.N.W.I. wealth generation. While
traditional United States, European and Asian stock market
indexes experienced moderate growth, many emerging markets
extended winning streaks of robust gains." PTI
growth in millionaire population in the world last year on the
back of robust economic growth and a sharp stock market surge,
a new report has said.
According to the annual World Wealth Report released by
investment banking major Merrill Lynch and consultancy major
Capgemini, India saw its millionaire population surging in
2007 by 22.6 percent -- 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 percent after Singapore's 21.2
percent.
The number of High-Net Worth Individuals (H.N.W.Is) 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 at 20.3 percent, as their numbers grew
from 345,000 to 415,000.
The report said that the worldwide population of people
with at least one million dollar to invest, after excluding
the value of their homes or consumable assets, rose to 10.1
million.
"Driven by market capitalisation growth in emerging
economies, the wealth of the world's high-net-worth
individuals increased 9.4 percent to 40.7 trillion dollar,"
the 12th annual World Wealth Report said.
"The number of H.N.W.Is in the world increased 6 percent
in 2007 to 10.1 million, the number of ultra-high-net-worth
individuals (Ultra-H.N.W.Is) increased by 8.8 percent," it
noted.
Merrill Lynch and Capgemini said that for the first time
in the history of the report, the average assets held by
millionaires has exceed four million dollars.
The report noted that India's leading position was
"driven by market capitalisation growth of 118 percent and
real GDP growth of 7.9 percent."
"Although India's real GDP growth decelerated from 9.4
percent in 2006, current levels are considered more stable
and sustainable. India's two largest exchanges — the Bombay
Stock Exchange and the National Stock Exchange — ranked among
the world's top 12 exchanges by the end of 2007, boosted by
initial public offering markets and heightened international
interest," it further said.
The report noted that, although, market capitalisation
and real G.D.P. growth rates were higher in China than India,
the H.N.W.I. population of India grew faster in 2007.
"As market capitalisation and real GDP in China were
spread over a larger population, there were smaller per capita
gains in China. In 2006, India had a larger market
capitalisation growth than gross national income,
significantly impacting the country's H.N.W.I. population
growth.
"In addition, China is currently experiencing explosive
growth in its 'mass affluent' population, which has yet to
break the H.N.W.I. threshold of one million dollar," it said.
Proving the dominance of B.R.I.C. countries, Brazil
recorded the third-highest H.N.W.I. growth rate in 2007 at
19.1 percent, while Russia also figured among the world's 10
fastest-growing H.N.W.I. populations despite a growth
deceleration from 15.5 percent in 2006 to 14.4 percent in
2007.
"With a significant portion of H.N.W.I. wealth invested
in stock markets, market capitalisation performance is an
important determinant of H.N.W.I. wealth generation. While
traditional United States, European and Asian stock market
indexes experienced moderate growth, many emerging markets
extended winning streaks of robust gains." PTI
