Business, Finance & Economics

India's dollar millionaires up 20% in 2010


Activists from India's main opposition Bharthiya Janata Party (BJP) hold anti-government placards during a protest against the Cash for Vote Scam in New Delhi on September 3, 2011. The cash-for-votes is a scandal which the United Progressive Alliance (UPA), the majority holding Parliamentary Party Alliance of India led by Prime Minister Manmohan Singh, allegedly bribed Indian MPs to survive a confidence vote on 22 July, 2008.

The number of dollar millionaires in India rose 20% in 2010 to 153,000 people, giving India the 12th most high net worth individuals in Asia, according to a new study by Merrill Lynch.

The total wealth of India's fat cats grew by 22% in 2009-10 to $582 billion, compared with $477 billion in 2008-09, India's Economic Times newspaper quotes the 2011 Merrill Lynch Global Wealth Management / Capgemini Asia-Pacific Wealth report as saying .

According to the findings of the report, in 2010, India's dollar millionaires increased in number by 20.8% to 153,000, compared with 126,700 in 2009. India was among the eight of the 20 fastest-growing Asia-Pacific markets in terms of the number of dollar millionaires. Among the other fast growing nations were Hong Kong, Vietnam, Indonesia and Sri Lanka, the paper said.

China still has the second-largest population of dollar millionaires in Asia-Pacific, behind Japan, the Indian Express reported, quoting from the same study. Ranked fourth-largest in the world on those terms, with 535,000 dollar millionaires, China's rich grew 12 percent in 2010, the paper said.