The number of high net worth individuals (HNWIs), each worth a million dollars or more, is up by 20%, which is the second-highest growth registered by any country besides South Korea.

This was reported in the World Wealth Report produced by money managers CapGemini and Merrill Lynch. The number of millionaires went up from 70,000 in 2004 to 83,000 in 2005. South Korea edged out India with the number of its millionaires going up by 21.3%. Russia recorded the third fastest growth with the number of millionaires, their number rising from 88,000 to 103,000, up 17%.

In absolute numbers, though, India has a lot of catching up to do. The US is estimated to have 2.67 millionaires and, nearer home, China has 320,000 of them. The world has 8.5 millionaires worth US$33.3 trillion in 2005, up 6.5%.