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Poor India fastest producers of millionaires

The population of poor people in India is the highest in the world. According to a recent research most of the people living in India survive on less than a dollar a day. Ironically India also sets the record for producing millionaires at the quickest pace in the world. In the year 2007 the world produced High Net Worth Individuals or the HNWI A at the slowest pace, as compared to the past few years, India produced the fastest millionaires.

The average rate of producing millionaires in India is 22.7%. India has about 100,000 millionaires in the year 2006 which grew to about 123,000 for the year 2007 and was calculated in dollars. The results have been calculated by a company called Merrill Lynch Gap Gemini report that creates financial information for management of assets and wealth purposes. Paradoxically, agencies for development have shown the numbers of Indians who survive on less than a dollar per day at 350 million. The people who survive on less than 2 dollars a day are about 700 million. The calculations reveal a startling figure, for every millionaire India produces there are 7000 people living on the bread line.

The growth of millionaires produced in the country has exceeded China, having 20.3%, it is still way behind its neighbor in the total number of millionaires. China has about 500,000 HNWI. The calculation for the total number of millionaires in the world, excluding their home values and assets grew at 9.4%. It also crossed the 10 million mark for the first time. Even the U.S with its economic grievances led the millionaires pack with three million millionaires. Hence in very three millionaires in the world there is one American.

The millionaire’s wealth across the globe was about 41 trillion dollars last year. The average wealth of each millionaire was about 4 million dollars which is the highest ever. The metrics for the Indian millionaires does not consider the stock market slide that had reduced almost on third of the market value for the year 2008.

As per the report India has led the highest HNWI growth in the world. This has been due to market capitalization growth which has been at 118% and real GDP growth of 7.9%. Even though the real GDP had been 9.4% in the year 2006, the present situation is considerably more stable. Even the two largest stock exchanges, the Bombay Stock Exchange or BSE and the National Stock Exchange or NSE, had been rated amongst the top 12 exchanges in the world. There had been a growth of 122% for BSE and 115% for NSE because of the initial public offering markets and also the extreme interest of international levels.

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