Mumbai, June 25: India has shown the fastest growth in global wealth stakes with its pool of super rich swelling 22.7 per cent in 2007, according to a study by Merrill Lynch and CapGemini.

China is next on the totem pole with a growth rate among high net worth individuals (HNWIs) at 20.3 per cent.

India has a pool of 123,000 high net worth individuals — up from 100,000 in 2006. China had 415,000 HNWIs last year

HNWIs are those who have net assets of at least $1 million, excluding their primary residence and consumables.

The 12th annual World Wealth Report said the combined wealth of the world’s HNWIs increased 9.4 per cent to $40.7 trillion in 2007.

“In India, wealth is being created at an unprecedented rate,” said Pradeep Dokania, head of global private clients at DSP Merrill Lynch Ltd.

In spite of the recent dislocation in global markets, robust economies in Asia, including India, are increasingly being driven by domestic consumption and continue to spur wealth creation in the region, he added.

The report said the spectacular performance of the stock markets in the first half of 2007 had underpinned wealth accretion in the emerging markets.

The HNWI gains reached all-time highs, boosted by market capitalisation growth of 118 per cent and real GDP growth of 7.9 per cent.

The report pointed out that though the country’s real GDP growth decelerated from 9.4 per cent in 2006, current growth levels are considered more stable and sustainable.

The number of HNWIs in the world rose 6 per cent in 2007 to 10.1 million, while the number of ultra high net worth individuals (Ultra-HNWIs) increased 8.8 per cent. For the first time in the history of the report, the average assets held by HNWIs exceeded $4 million.

China also surpassed France as the fifth-largest HNWI population in the world. Also included in the world’s fastest-growing markets were South Korea, where the HNWI population increased 18.9 per cent, Indonesia at 16.8 per cent and Singapore at 15.3 per cent.

The report says global HNWI wealth is set to increase 7.7 per cent annually to $59.1 trillion by 2012, led by growth in the Asia-Pacific, West Asia, Latin America and Africa.

According to the report, there is one factor that can poop growth among the super rich in 2008: inflation.