India home to 14,800 multi-millionaires; 8th largest globally

Mumbai among the top 25 cities globally for multi-millionaires with 2,700 multi-millionaires

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, a report says.

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.

The United States of India has the largest number of multi-millionaires 183,500, followed by China and Germany in the second and third place respectively with 26,600 and 25,400 respectively.

Besides, these three, the top ten countries in the world of multi-billionaires include the UK (21,700), Japan (21,000), Switzerland (18,300), Hong Kong (15,400), India (14,800), Russia (11,700) and Brazil (10,300).

In terms of US dollar millionaires, which was topped by the USA with 41,05,000 millionaires, China and India both rank significantly lower on this list at fifth and tenth rank with 6,08,500 and 2,26,800 millionaires respectively.

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

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

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.