Business & Economy

Minting millionaires: India sees biggest jump of newly rich

Indian office goers walk past the bronze bull outside the Bombay Stock Exchange (BSE) during intra-day trade in Mumbai on April 1, 2014. The number of millionaires in the country rose 26 percent last year to 198,000.
Indian office goers walk past the bronze bull outside the Bombay Stock Exchange (BSE) during intra-day trade in Mumbai on April 1, 2014. The number of millionaires in the country rose 26 percent last year to 198,000.
INDRANIL MUKHERJEE/AFP/Getty Images

Want to be a millionaire? Move to India.

The number of millionaires in the country rose 26 percent last year, the biggest percentage gain among major countries in a report out Wednesday showing the ranks of millionaires around the world at a record. The total number of Indian millionaires — 198,000 — is relatively small, but it's fast closing in on Italy. That country had 219,000 millionaires last year.

The number of people worth $1 million or more around the world rose by 920,000 to a record 14.6 million last year, according to an annual tally from consultant Capgemini and RBC Wealth Management. It was the sixth straight year-over-year increase as rising stock prices lifted the value of personal wealth in a few key countries.

More than a third of new millionaires — 345,000 — were in the U.S., where a broad index of stocks, the Standard and Poor's 500, rose 11 percent.

Among other highlights of the report:

The wealth report tracked net worth of individuals, with assets defined as stocks, bonds, cash, but not primary residences.