India’s list of millionaires has more than doubled in the last 10 years. But there’s still no stopping Indians.

The country will have 950,000 millionaires by 2027, up almost 190% from 330,000 last year, a recent report by Johannesburg-based market research group New World Wealth predicts. This rise will mainly be due to competitive wages, strong economic growth, and an increasing number of entrepreneurs, the report said.

Back in 2007, India had only 124,000 high-net-worth individuals (HNIs), or people with net assets worth $1 million (Rs7 crore) or more.

The latest millionaires’ list includes several young founders of startups with multi-billion dollar valuations. Some of these include Ritesh Agarwal of hotel group OYO and Kunal Bahl, co-founder of e-commerce player Snapdeal. In fact, some like Flipkart co-founder Sachin Bansal and Paytm founder Vijay Shekhar Sharma have even made it to the billionaire’s club.

In 2017, HNIs held $3.9 billion, or 48% of India’s estimated $8.2 billion wealth, according to New World Wealth.

Wealth refers to the net assets of a person. It includes property, cash, equities, and business interests—less liabilities. This wealth is set to triple in the next decade to $25 billion by 2027, New World Wealth estimates.

Who, what, where

Most of India’s ultra-rich reside in Mumbai. The country’s financial capital is home to 28 of the country’s 119 billionaires, which is twice as many as those in the national capital Delhi.

More than four in 10 HNIs residing in India held the post of a director at a company. Managing directors and CEOs were a distant second.

Image: New World Health

How HNIs store their wealth

At the end of 2017, holding shares in businesses they helped build was the most favoured investment channel for Indian HNIs, making up for a quarter of their assets. Cash and bonds, real estate, and equities accounted for over 21%.

The share of Indian HNI wealth held offshore rose to approximately 19% in 2017 from 15% in 2007. These holdings are mainly in cash (US dollars) or equities in the US and Asia.

One in five Indian HNIs held properties abroad; London, New York, Singapore, and Dubai are popular destinations for second homes.

Image: New World Health