India, Breeding Ground For Multi Millionaires

BENGALURU: India is officially a country of millionaires. Sorry, Multi-millionaires. And this news is no joke and is for real. The number of millionaires in the country rose 26 percent in 2014, as reported by IndiaToday. The latest study on number of multi-millionaires in the country revealed that India at present has 1, 98, 000 millionaires just after Italy which has 2, 19, 000 millionaires.

Swiss report in 2014 predicted that India will have 3 lakh millionaires in the coming five years. It seems like India will have that number in not five but within coming three years.

This scenario is not just in India, the number of people with $1 million or more, around the world rose by 9, 20, 000 to a record 14.6 million in 2014.  Irony is that it did not reduce debates on poverty, hunger and starvation deaths. Anyhow, it is observed that the rising stock prices lifted the value of personal wealth in few countries the world.

As always, the U.S. topped the score here too, with more than a third of world’s new millionaires that is 3, 45, 000 are from U.S. As mentioned above stocks which rose by 11 pct facilitated the growth of millionaires in the country.

Other mind boggling highlights of this survey are—the wealth held by millionaires globally rose to a record $56trillion an unbelievable number perhaps. The richest of the riches that is those who hold $ 30mn represented only 1 pct of total millionaires but held 35 pct of wealth.

Don’t you want to know where most of this money is? It is obviously the U.S., which is home to 4.4 million millionaires. Japan ranks second with 2.5 million of them, followed by Germany, with 1.1 million. China, the world's second-biggest economy, ranks fourth. It has 8, 90,000 millionaires. This stats show the possible world leaders of the next generation.

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