July 31st, 2010 by admin
According to a new survey by Merrill Lynch Wealth Management and Capgemini, the number of millionaires in India has increased by 50 percent in 2009.
It was also revealed that the net worth of millionaires from Asia is now more than that of their European counterparts for the first time buoyed from strong market results.
The number of millionaires in India has risen more than 50 percent to 126,756 in 2009 while China is fourth in the list after the US, Japan, and Germany with 477,000 millionaires.
The survey has found that there were three million millionaires in Europe and the Asia-Pacific region last year. The survey claims that the wealth held in Asia is around $9,700 billion, compared to $9,500 billion in Europe.
Nick Tucker, head of Merrill Lynch Wealth Management’s operations for the UK and Ireland, told Financial Times: ‘It’s not a bubble. Asia has caught up with Europe in terms of its high-net worth population and their wealth.’
The survey defines millionaires as people with net financial wealth of more than $1 million, excluding their primary residence. The wealth of the millionaires in both regions increased last year after the stock markets recovered from the slump of the previous year.
It was claimed by the survey the wealth held in Asia is around $9,700 billion, compared to $9,500 billion in Europe.