In Forbes' annual list of the world's billionaires, published in March, we were stunned to find the population of Indian billionaires jumped 47.2% to 53 from 36 the previous year. Not surprisingly, a new survey shows millionaire population growth in countries like
According to the World Wealth Report published by Capgemini and Merrill Lynch (nyse: MER - news - people ),
Propelling the Indian millionaire boom was strong economic growth and hefty stock-market gains in the country. One hot spot continues to be the country's flourishing high-tech industries.
According to the World Wealth Report, China had the second-fastest-growing millionaire population. It grew 20.3% to 415,000 last year. The billionaire population grew even faster, the March Forbes' list included 42 Chinese billionaires, up from 20 the previous year.
Another country where the billionaire growth outran the millionaire growth was
The slowing U.S. economy hindered wealth accumulation. Also slowing prosperity is the American tendency to spend instead of save. Merrill reported that the
The report highlights that wealthy populations are growing more rapidly in emerging economies than traditional economic powerhouses like the
They climbed 10% in Africa, 15.6% in the oil-flush
There is a consolation for Americans though: The U.S. will continue to lead the world in billionaire population for the foreseeable future. It boasts 469 billionaires, 382 more than any other country.
(From Forbes Magazine)