New Delhi, Sept 26 (IRNA) India is shining bright on the world wealth map with the country set to emerge as the world's fastest wealth creator and home to a growing number of millionaires in the years to come, a latest study shows.

After emerging as the world's second fastest wealth creator after China between 2000-2005, India is all geared up for the top spot with a growth rate of 13.3 percent through 2010, as against a global average of 5.6 percent, US-based consultancy and research firm Boston Consultancy Group said in its 2006 global wealth report.

It is its strong growth in sectors like information technology, textiles and pharmaceuticals that will propel above-average wealth growth in the country, the report said.

India and China have also registered highest growth in the number of millionaire households across the world, with a surge of more than 15 percent per year between 2000 and 2005.

India has become home to the world's 18th largest population of millionaires with the number likely to further surge ahead in the years to come, the study shows.

More than 30 percent of the country's millionaires live in Mumbai and Delhi, which is in line with the global trend of millionaires being concentrated in big cities.

"The BRIC (Brazil, Russia, India and China) countries have made substantial gains in the number of millionaires. The growth rates of millionaire households in India and China have been among the highest in the world, averaging more than 15 percent per year between 2000 and 2005," the report said.

The number of millionaire households globally increased by 0.9 percent in 2005 to 7.2 million, while their overall wealth rose by 1.5 percent to 25.8 trillion dollars, which represents 28.6 percent of the total global wealth, the report said.

India's total wealth, measured in terms of assets managed by wealth managers, soared by 15.9 percent from 268 billion dollars in 2000 to 559 billion dollars in 2005, while beating the growth rates in developed countries like the US, Japan, the UK and Germany.

China registered the fastest growth rate of 18.5 percent in this period, while the growth rate was relatively small at 2.1 percent in the US.

However, the US continues to lead in terms of total assets under management (AUM) with assets worth 31,296 billion dollars.

"Wealth markets in most BRIC countries continued to expand at an impressive rate. China has moved from 10th to 8th position, Brazil has advanced from 18th to 14th place and both India and Russia have moved into the top 20," the report said.

"All four countries achieved double-digit growth from 2000 through 2005 -- well above the global average and growth rates in the world's leading economies."
The BRIC countries are also likely to reduce their cash allocation rate in the years to come, the report said. In countries like China, India and South Korea, cash accounted for more than 60 percent of all their assets in 2005.