The number of multi-millionaires in India is rising with their numbers standing at 14,800. These many multi-millionaires have taken the country to eighth position in the global list of multimillionaires. In addition to it, Mumbai which is the financial capital of the country is in the top 25 list of global cities with the highest number of multi-millionaires with a total of 2,700 multimillionaires living in the city whereas Hong Kong tops the list with about 15,400 super rich people living there.
Global Statistics about Multi Millionaires As per recent study by New World Wealth, presently there are nearly thirteen million millionaires and of them about 500,000 fall in the category of multi-millionaires. For this survey, a millionaire was defined as a person with $1 million worth of net assets while those with about $10 million in net assets were categorized as multi-millionaires. Top Ten Countries with Multi-millionaires As a country, the US ranks at the top in terms of total number of multimillionaires with a total of 183,500 such people with China in second position with 26,600 multi-millionaires and Germany with a figure of 25,400. The other countries making it to the list of top ten countries are UK with 21,700 multi-millionaires, Japan with 21,000 people, Switzerland have a figure of 18,300, Hong Kong having 15,400 super rich people, India with 14,800, Russia having 11,700 and Brazil having 10,300 multi-millionaires.
Increase in Multimillionaire Figures over the Last Decade If we look at millionaires with valuation being done in US dollars then the list was topped by USA having 41,05,000 millionaires while India and China had lower ranks of tenth and fifth position with 2,26,800 and 6,08,500 people designated as millionaires. In the study, it was also found that number of multimillionaires and millionaires has gone up significantly over the last decade with 58% rise in millionaires and 71% rise in multimillionaires during this period. Factors Influencing Growth of Multimillionaires A number of factors, such as expanding wealth gap at the top of economic ladder and increase in rate at which millionaires are turning into multi-millionaires, contribute to growth of multi millionaires globally. In addition, higher growth rate in nations that have higher ratio between multi-millionaires and millionaires with some examples, such as India and Russia, is responsible for the growth of multimillionaires. We will conclude here with a final note that it is a considerable achievement for India to rank at eighth position in the list of multi-millionaires and with increase in rate of economic development, the figures are expected to improve further.
