New World Wealth Index

India has more multi-millionaires than Australia, Russia and France. The latest wealth index by New World Wealth, that looks at multi-millionaires globally --an individual with net assets of at least $10 million, has ranked India 8th in the global rich list below countries like the US, China, Germany and the UK but higher than Singapore and Canada. India is home to 14,800 multi-millionaires of which Mumbai alone has the highest number--2,700--as many as that in Munich.
Interestingly , Mumbai is the only Indian entry in the top 30 cities for multi-millionaires. Hong Kong leads the pack with 15,400, followed by New York (14,300), London (9,700), Moscow (7,600), Los Angeles (7,400) and Singapore (6,600).
Among countries, the US tops the list with 1,83,500 people worth over $10 million, followed by China (26,600), Germany (25,400), the United Kingdom (21,700), Japan (21,000), Switzerland (18,300) and Hong Kong (15,400). Over the past 10 years, worldwide millionaire and multi-millionaire numbers have grown at vastly different rates. Millionaire numbers worldwide have gone up by 58% during this period, whilst multi-millionaire numbers have gone up by 71%. There are currently just over 13 million millionaires in the world (as of June 2014). Approximately 495,000 of these individuals can be classified as multi-millionaires.
Interestingly, when it comes to millionaires, US tops the list followed by Japan and then the UK.
China and India are both significantly lower on this list than they are on the multi-millionaire list and perhaps most notably , Russia which ranks 9th in the world for multi-millionaires, only ranks 18th in the world for millionaires (outside the top 15). The report says “The higher growth of multi-millionaires can be put down to a number of factors including: a widening wealth gap at the top-end, a rising rate of conversion of millionaires into multi-millionaires and strong growth in countries that have a high multi-millionaire to millionaire ratio (the likes of Russia and India)”.
In terms of regional performance, South America was the stand out, with multi-millionaire growth of 265% over the 10 year period. Other top performers included Australasia (182% growth) and Africa (142% growth). In terms of country performance, countries that registered 200% plus growth included Russia, Brazil, China, India, Indonesia, Vietnam and Angola.

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