Growth of millionaires in India fastest in world

In a sign of growing entrepreneurship and an expanding corporate sector, India created millionaires at the fastest pace in the world in 2007.

India added 23,000 millionaires in dollar terms last year to its 2006 total of 100,000, according to an annual Merrill Lynch Capgemini report that compiles such financial data for its wealth and asset management purposes.

The number of people around the world with at least $1 million in assets passed 10 million for the first time last year, marking a 6 percent increase from the previous year. This growth, however, was lower than the 8 percent recorded from 2005 to 2006.