83,500 Indians feel like a million bucks

One factor in India’s growth in millionaires was the stock and real estate markets that spiked by around 50-100% in 2005. Thus far 2006, many markets, including India, have plunged by more than 20%, which may have since knocked a few millionaires off the list.

‘‘The HNWI population grew most dramatically in South Korea, rising 21.3%; India rising by 19.3%; Russia where it rose 17.4% and South Africa where it grew by 15.93%,’’ the report said. Millionaires also invested more aggressively, pouring cash into emerging markets and pulling it out of fixed income holdings, as their wealth reached $33.3 trillion, more than double US economic output.

Number of millionaires in the world has nearly doubled in the last decade, from 4.5 million in 1996 to 8.7 million in 2006, and their total wealth doubled from $16.6 trillion to $33.3 trillion, the company said.

‘‘The BRIC nations of Brazil, Russia, India and China remained strong economic players in the competitive global arena, with three of the four represented in the top 10 fastest-growing HNWI populations in 2005,’’ it added.

‘‘HNWI numbers grew by 6.8% in China in 2005, while India posted a surging 19.3% run up. India’s growth is hardly surprising given current analyst projections,’’ the report went on to proclaim. Asia-Pacific region continues its strong growth, albeit at a weakening pace, it said adding that China and India were set to drive the region, helping it capture an increased share in global output. For the first time in three years, the HNWI population in the US failed to exceed the previous year’s gains, growing 6.8% in 2005 as compared to 9.9% in 2004, it said.

Asia Pacific region registered 23% share of world investment last year followed by Europe with 22%, it said.

The world’s millionaires are also increasingly branching out from their home countries, with 65% paying attention to foreign markets and 30% buying homes overseas, the study found. That phenomenon is only supposed to grow.