An Indian shopper chooses women's clothing at a mall in Mumbai
Even with an economic slowdown enveloping the nation, India has recorded the largest increase in its Ultra-High Net Worth Individual (HNWI) club among the BRICS nations in the last one year, with a total of 7,850 super rich people in the country, a report says.
BRICS comprises of five countries, namely Brazil, Russia, India, China and South Africa.
The study focuses solely on persons with a net worth of $30 million and above (after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets).
India also has the highest number of women millionaires in the world as the country boasts of over 1,250 UHNW (Ultra High Net Worth) women with a combined fortune of $95 billion.
According to the world ultra-wealth report 2013 by Wealth-X, a global wealth intelligence and prospecting company, India is home to as many as 7,850 high net worth individuals whose collective net worth is $935 billion.
"Despite India's 1.6 per cent population growth, the country added more UHNW individuals (120) than any other BRICS nations in the past 12 months," the Wealth-X report said.
Meanwhile, there was a decline in the number of billionaires (103 this year) compared to the 109 last year.
Last year the collective wealth of India's billionaires stood at $190 billion, while this year it has got reduced by 5.3 per cent to $180 billion.
In India, the lowest tier which is represented by those worth $30 million to $49 million is the largest group, and accounts for a combined fortune of $130 billion.
A city-wise analysis shows that more than 90 per cent of India's UHNW population lives in top 10 metropolitan cities.
Mumbai and Delhi, dominate with more than 50 per cent of the country's super rich.
The world's UHNW population reached an all-time high of 1,99,235 individuals and a combined wealth of $27.8 trillion during the past 12 months.
Wealth-X has identified 2,170 billionaires globally, with a total net worth of $6.5 trillion, equal to 23 per cent of the world's UHNW total wealth.
The global UHNW population continues to be dominated by men as there were 175,730 men in UHNW club as compared to 23,505 women.