India now has over 100,000 Millionaires In just a few short years, India has surpassed the

100,000 mark for millionaires. In fact, India is producing millionaires at a record rate with no let up in sight. Most interesting is that almost 7% of the millionaires are under 30 years old and have almost $300 billion in assets. Thanks to the increases in the SENSEX and Nifty, with additional help from India Real Estate gains, India is now on pace to have a 1,000,000 millionaires within a decade. According to the 11th annual world wealth report compiled by Capgemini and Merrill Lynch, India, Indonesia and Russia are believed to have the highest growth in High Net Worth Individuals. A lot of India’s domestic wealth creation in the past few years has been poured back into domestic real estate investments. The India Street believes this response has helped push values up in most of the Tier 1 and 2 cities. "Robust growth in the Indian economy and a booming stock market were the key wealth drivers,'' said Pradeep Dokania of DSP Merrill Lynch. “Over the last three years, we have seen a steady rise in the number of professionals being added to the HNWI population as against entrepreneurs.'' Some of India’s recent rich are now making investments outside of India thus increasing their returns and mitigating risk. Some foreigners are even calling on the new India wealthy class to fund their investments in the US and Europe. What does this mean for you? With an ever expanding wealth base in India, luxury products and services will be a necessity. Currently, very few foreign luxury products exist in India due to protectionism and an ever-present Nehru socialist philosophy. Smart businesses will recognize the need for the new wealthy class to underscore their wealth by buying status symbols. High priced cars, apartments, houses, clothes, purses and other items that easily distinguish the individual from everyone else. This is human nature (especially in a rapidly emerging capitalistic country) and will eventually sweep the country as more have access to higher paying jobs and wealth creating opportunities.

The following is a list of Indians by net worth. According to the Forbes magazine, India is home to the largest number of billionaires in Asia. The following data from the Forbes World's Billionaires 2007. There are 36 Indians (inclusive of non-resident Indians) on the list. As of 2007, the following were the 40 richest Indians according to the Forbes magazine.

Rank

Name

Net Worth (US$ bil)

Age

City

Main Source

Industry

1

Lakshmi Mittal

33.7

56

London

Arcelor-Mittal

Steel

2

Mukesh Ambani

20.1

48

Mumbai

Reliance Industries

Diversified

3

Anil Ambani

18.2

46

Mumbai

Reliance Communications Diversified

4

Azim Premji

17.1

60

Bangalore

Wipro

ITES, Software

5

Kushal Pal Singh

10.0

74

Delhi

DLF Universal

Real Estate, Construction

6

Sunil Mittal

9.50

48

Delhi

Bharti Airtel

Telecommunications

7

Kumar Mangalam Birla

8.00

38

Mumbai

Aditya Birla Group

Diversified

8

Shashi and Ravi Ruia

8.00

62

Mumbai

Essar Group

Textiles, Steel, Shipping

9

Ramesh Chandra

6.40

n/a

Delhi

Unitech

Construction, Real Estate

10

Shiv Nadar

4.00

60

Delhi

HCL

Consumer electronics, ITES

11

Tulsi Tanti

3.70

47

Pune

Suzlon

Wind Power

12

Pallonji Mistry

3.30

76

Mumbai

Shapoorji Pallonji Group, Textiles, Construction Tata Group

13

Anurag Dikshit

3.10

n/a

Gibraltar

PartyGaming

Online gambling

14

Paul Brant

2.30

63

Mumbai

Godrej Industries

Diversified

15

Anil Agarwal

2.10

52

London

Vedanta Resources

Mining

16

Dilip Shanghvi

2.70

50

Mumbai

Sun Pharmaceuticals

Pharmaceuticals

17

Naresh Goyal

1.90

56

Mumbai

Jet Airways

Airlines

18

Indu Jain

1.70

Delhi

Bennett, Coleman & Co. Ltd

Media

19

Venugopal Dhoot

1.60

52

Mumbai

Videocon

Consumer durables

20

Malvinder & Shivinder Singh

1.55

NA

Delhi

Ranbaxy

Pharma

21

Rahul Bajaj

1.50

67

Pune

Bajaj

Diversified

22

Jindal family

1.40

NA

Delhi, Mumbai

Jindal Steel

Metals

23

Baba Kalyani

1.20

56

Pune

Bharat Forge

Metals

24

Brijmohan Lall Munjal

1.18

83

Delhi

Hero Honda

Automotive

25

Yusuf Hamied

1.15

69

Mumbai

Cipla

Pharma

26

Sanjay Kirloskar

1.10

49

Pune

Kirloskar Group

Engineering, Construction

27

N. R. Narayana Murthy

1.05

59

Bangalore

Infosys

IT, ITES

28

Uday Kotak

1.00

46

Mumbai

Kotak Mahindra

Finance

29

Vijay Mallya

0.95

49

Bangalore

United Breweries Group

Beverages, Airlines

30

Subhash Chandra

0.90

55

Mumbai

Zee

Entertainment

31

Vikrant Bhargava

0.87

33

Gibraltar

PartyGaming

Online gambling

32

Habil Khorakiwala 0.80

63

Mumbai

Wockhardt

Health

33

Ajay Piramal

0.77

50

Mumbai

Nicolas Piramal

Pharma

34

Nandan Nilekani

0.74

50

Bangalore

Infosys

IT, ITES

35

Kiran MazumdarShaw

0.71

52

Bangalore

Biocon

Biotechnology

36

S Gopalakrishnan

0.70

51

Bangalore

Infosys

IT, ITES

37

Ramalinga Raju

0.67

50

Hyderabad

Satyam

Computer Services

38

Narendra Patni

0.65

63

Boston, Mumbai

Patni Computer Systems

IT

39

Karsanbhai Patel

0.64

61

Ahmedabad Nirma

FMCG

40

Akshay Jari

0.62

24

Delhi

Telecommunications