The ascendency of India as an economic world power

I came across several reports stating that India now fastest growth in the number of millionaires. India is still not a rich country. In fact, most people in India are poor and millions of Indian children are malnourished and many of them live in the street too. So, it is amazing to see that India has the fastest growth when it comes to having millionaires.

Sify wrote:

"India led the world in HNWI (high net worth individuals) population growth at 22.7 percent, driven by market capitalisation growth of 118 percent and real GDP (gross domestic product) 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," the report said.

The number of people around the world with at least $1 million in assets passed 10 million for the first time last year, marking a 6 percent increase from the previous year. This growth, however, was lower than the 8 percent recorded from 2005 to 2006.

Well, this news will not bring any comfort to most people in India. Now, they are suffering a lot from inflation.