CNN-IBN

New Delhi, Jun 22: India has all the reasons to feel like million bucks and flash a million-dollar smile.

After all, India has more millionaires than ever. The millionaire club grew by a dramatic 19.3 per cent in 2005, second only to South Korea’s 21.3 per cent on world charts.

According to the 10th annual World Wealth Report by investment group Merrill Lynch and consultancy Capgemini, the rate at which India is producing rich people is hardly surprising.

"According to the most recent Goldman Sachs projections, India has the potential to become the fourth largest economy by 2025 and the third largest by 2050, behind only the United States and China," the report says

The report also stated that India, along with Brazil and Russia, housed the top 10 fastest-growing population of high-net-worth individuals (HNWIs) - those with assets of $1 million, excluding their primary residence.

"The HNWI population grew most dramatically in South Korea, rising by 21.3 per cent; India rising by 19.3 per cent; Russia where it rose 17.4 per cent and South Africa where it grew by 15.93 per cent," the report said.

The number of millionaires in the world has nearly doubled in the last decade, from 4.5 million in 1996 to 8.7 million in 2006, and their total wealth doubled from $ 16.6 trillion to $33.3 trillion and Asia Pacific surpassed Europe to become the second most popular region for international investment.

"The BRIC nations of Brazil, Russia, India and China remained strong economic players in the competitive global arena, with three of the four represented in the top 10 fastest-growing HNWI populations in 2005," it said.

On the top of the charts was the US with a millionaire population of 2.67 million, nearly a third of the global millionaire population. Germany, the UK, China, Canada, Australia, Brazil, and Russia, among others, each have more than 100,000 millionaires.

The report suggested that the super rich are starting to move their money out of the US, an increasing number transferring their assets to emerging markets in Asia-Pacific and Latin America.