There were an estimated 123,000 millionaires in India at the end of 2007 -- 22.7 percent 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 percent in the same period followed by South Korea with 18.
9 percent.
The figures, released late Thursday, assessed the wealth of so-called "high net-worth individuals" (HNWIs) as people with more than