India is home to 2.3 lakh millionaires

India is home to the fourth largest population of millionaires in the Asia Pacific region, with 2.36 lakh such high networth individuals (HNIs), while Japan topped the list with 12.60 lakh people, a report says.

According to the Asia Pacific 2016 wealth rep-ort by New World Wealth, India was ranked among the top five Asia Pacific countries in terms of number of HNIs — a def-ined to include those individuals with net assets of $1 million or more.

At the end of 2015, there were, 12.6 lakh millionaires in Japan, while China ranked second with 6.54 lakh HNIs and Australia was at the third place had 2.9 lakh.

Others in the top 10 in terms of number of HNIs in Asia Pacific include, Singapore at the fifth place with 2.24 lakh millionaires, Hong Kong (6th rank, 2.15 lakh), South Korea (7th rank, 1.25 lakh), Taiwan (8th, 98,200), New Zealand (9th, 89,000) and Indonesia (10th, 48,500).

Interestingly, India is among the top five Asia Pacific countries in terms of total private wealth held, but at the bottom in terms of per capita income.

India’s total individual wealth stood at $4,365 billion, while China, which topped the list, had a total individual wealth of $17,254 billion.