India is not poor anymore : not atleast the millionaires club

Who says India is a poor country?

Well see these facts ..........

India camE second to Vietnam in the growth rate of the number of High Net Worth Individuals (HNIs) according to the Asia-Pacific Wealth Report prepared by Capgemini and Merrill Lynch. India had an estimated 123,000 millionaires by December 2007, showing an estimated growth of 23 per cent the previous year.

However, the report released on Thursday, pointed out, "The growth in India's HNI population was the fastest worldwide and #8230; Last year, the combined wealth of India's HNIs rose 25.7 per cent to $440 billion." "Despite dislocations in developed markets, the number of HNIs in India grew at a faster rate than the global average," said Pradeep Dokania, head of global wealth management, DSP Merrill Lynch.

For the purpose of the survey, HNIs were defined as individuals with more than $1 million (Rs 4.6 crore) in net assets, excluding primary residence and consumables. However, the data does not reflect the latest financial turmoil witnessed in some developed economies and their impact on investment climate across the world, said Vaidyanath Ramaswamy, head-capital markets, Capgemini India.

Source : Yahoo News