Travel, gems favoured by Asia's rising millionaires: study

0 Comments | AFP, June, 2008

SINGAPORE (AFP) — India and China have the world's fastest-growing populations of millionaires, with a penchant for luxury travel, gems and designer clothes, a study released in Asia on Wednesday said.

The number of Indian millionaires jumped 22.7 percent last year to 123,000, followed by China where the number of high rollers rose 20.3 percent to 415,000, said the 12th annual World Wealth Report, prepared by US investment bank Merrill Lynch and information technology group Capgemini.

"In the Asia Pacific region, wealth is being created at an unprecedented rate," said Kong Eng Huat, South Asia market managing director at Merrill Lynch Global Wealth Management.

"Notwithstanding the recent dislocation in global markets, the robust economies in Asia are...