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Top 10 countries with most multi-millionaires, India ranks 8

Last updated on: August 07, 2014 14:29 IST

Chairman emeritus of Tata Group, Ratan Tata infront of the GoldPlus Tata Nano

India is home to the eighth largest group of super rich people in the world, as there are as many as 14,800 multi-millionaires in the country.

Moreover, the country's financial capital Mumbai with 2,700 multi-millionaires, is among the top 25 cities globally for multi-millionaires. Hong Kong is the top city and is home to 15,400 ultra rich people.

Though India enjoys a decent 8th position globally, but Mumbai is the only Indian city in the top 30 cities in the world for multi-millionaires.

According to a report by New World Wealth, there are currently just over 13 million-millionaires in the world (as of June 2014) and around 4,95,000 of these individuals can be classified as multi-millionaires.

For the purposes of this study a millionaire is an individual with net assets of $1 million or more, whilst a multi-millionaire is an individual with net assets of at least $10 million.

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Top 10 countries with most multi-millionaires, India ranks 8

Last updated on: August 07, 2014 14:29 IST

United States

Rank: 1

Multi-millionaires: 183,500

The United States has the largest number of multi-millionaires in the world.

In terms of US dollar millionaires, which was topped by the USA with 41,05,000 millionaires.

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Top 10 countries with most multi-millionaires, India ranks 8

Last updated on: August 07, 2014 14:29 IST

Zhongguancun, technology hub in Haidian District

China

Rank: 2

Multi-millionaires: 26,600

In terms of US dollar millionaires, China ranks significantly lower on this list at fifth position with 6,08,500 millionaires.

Over the past decade, millionaire and multi-millionaire numbers globally have seen significant growth.

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Top 10 countries with most multi-millionaires, India ranks 8

Last updated on: August 07, 2014 14:29 IST

A fireworks display is seen over the Neues Palais (New Palace) during a music festival in the city of Potsdam, south of Berlin.

Germany

Rank: 3

Multi-millionaires: 25,400

"Millionaire numbers worldwide have gone up by 58 per cent during this period, whilst multi-millionaire numbers have gone up by 71 per cent," the report said.

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Top 10 countries with most multi-millionaires, India ranks 8

Last updated on: August 07, 2014 14:29 IST

United Kingdom

Rank: 4

Multi-millionaires: 21,700

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 (like Russia and India), the report said.

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