The economic powerhouses – India, China and Brazil are not just guzzling oil and gulping steel, they are also minting millionaires. The rich are getting richer – the number of millionaires jumped 22.7 percent in India last year, 20.3 percent in China and 19.1 percent in Brazil, according to the 12th annual World Wealth Report, prepared by US investment bank Merrill Lynch and information technology group Capgemini. On the whole, the number of millionaires worldwide rose 6 percent last year to 10.1 million.

The report which highlights the rising clout of emerging market countries on the global financial stage, attributed the increase in such areas to gains in commodity exports, “paired with growing international acceptance of emerging financial centers as significant global players”, AFP reported.

Emerging markets also figured prominently in initial public offerings last year, during which more than 1,300 IPOs raised about 300 billion dollars. Emerging markets captured seven of the top 10 issues, the study said.

Soaring oil and commodity prices helped lift growth in assets of wealthy individuals in Latin America, which saw a 20.4 percent rise in assets, the Middle East with 17.5 percent growth and Africa with a 14.9 percent increase.

This came as growth in assets slowed in Europe and North America, both of which were hit hard by the subprime crisis, which began mid-way through the year, and associated writedowns and volatile markets, Reuters reported.