The ascendency of India as an economic world power

Indian economy is growing at a fast pace. So, money is coming to Indian economy and many people are increasing their income. Naturally, many people are becoming millionaire. The number of millionaires has crossed 100,000 and it may not be a significant number against a population of 1 billion people. However, considering the fact that India is a poor country, this is a significant number.

The Hindu reported:

The number of high net worth individuals (HNWI), with a net asset of atleast one million dollar, increased by 20.5 per cent to 1,00,015 in India last year, second only after 21.2 per cent growth in Singapore, according to the World Wealth Report released by Merrill Lynch and Cap Gemini today.

Besides India, countries like Australia, Brazil, Canada, China, Germany, Russia, UK and the US also have more than one lakh people with at least one million dollars in net assets, excluding their primary residence and consumables.

The number of Indian millionaires stood at about 83,000 in 2005.

This is good news for the Indian economy. India has millions of middle class people. They are educated and hardworking. So, we will see more people becoming millionaire in the coming days in India.