India step-up in the Millionaire Rankings

      India had 153,000 millionaires at the end of 2010, putting it in 12th position in a list of countries with the most millionaires, according to a report released this week by Capgemini and Merrill Lynch Wealth Management. In the year earlier report, India ranked 14th.

The U.S. still has the most millionaires at around three million and China ranks fourth with 535,000 millionaires. Japan is in second and Germany is third, according to the  Asia – with 3.3 million high net-worth individuals – overtook Europe’s 3.1 million for second place. North America, with 3.4 million super-rich who have a total of $11.6 trillion in assets, leads the pack, the report says

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It’s no surprise that the fastest growth in the number of super-rich is coming from emerging countries. For instance, India’s high net-worth population (defined as those having investable assets of $1 million or more, excluding primary home, collectibles and consumer durables) expanded nearly 21% in 2010 from a year earlier, thanks partly to the country’s booming economy and robust stock markets.

The report uses listed assets such as stocks, bonds and offshore investments to calculate the wealth of each country and its population. Even smaller nations are flourishing in terms of millionaire numbers. Vietnam’s high net-worth population grew by 33% and Sri Lanka’s by 27% in 2010, the report said, without specifying the number of millionaires in these countries.

The study stated that Asia’s rich are much younger than those in the West. Around 41% of high net-worth individuals in Asia (excluding Japan) are 45 years old or younger, whereas in North America, 68% are over 55 years old.