The number of millionaires in India will likely jump 53 per cent to 84,000 over the next five years, a global wealth report by Credit Suisse Research Institute says.

According to the Global Wealth Report, wealth among Indian has been increasing strongly, and the ranks of the middle class wealthy have been growing fast.

The report says, "India is likely to see a substantial jump of 53 per cent in the number of millionaires to 84,000 by 2017."

Wealth per capita has been growing steadily at a rate of 8 per cent since 2000. Wealth per capita enjoyed steady growth in spite of the chaos in the early and later half of the past decade.

However, the report adds that not everyone is sharing this growth in wealth and that India is still burdened with a great deal of poverty. As per published figures, 95 per cent of Indians have wealth below US$ 10,000, while at the other end, just around 0.3 per cent of the total population have possess more than US$ 100,000 in net wealth.

Around 237,000 Indians are among the world's top 1 per cent wealth holders, while 1,500 UHNW (ultra high net-worth individuals) individuals hold US$ 50 million in wealth and 700 Indians have more than US$ 100 million.

China, the world's most populous country, is expected to see the number of millionaires double to almost 2 million over the next five years.