Mumbai, September 26:

India is minting new millionaires at a faster pace than anywhere else in the world, buoyed by a fast-growing economy, according to a new study.

There were an estimated 123,000 millionaires in India at the end of 2007 — 22.7 per cent more than in the previous 12 months, said the Asia-Pacific Wealth Report, compiled by US

investment bank Merrill Lynch and consultants Capgemini.

“Despite dislocations in developed markets, the number of high net worth individuals in India grew at a faster rate than the global average,” said Pradeep Dokania, head of Global Wealth Management for DSP Merrill Lynch. “Domestic demand and Asia’s appetite for commodities continue to drive wealth accumulation in India,” he said.

China was the second in the millionaire stakes. It had a millionaire population growth of 20.3 per cent followed by South Korea with 18.9 per cent.