India, China to rise in ranks as wealth centers by 2017: Report

In comparison, China will have around 4,09,000 millionaires by 2017 with an aggregate wealth of $795.4 billion.

In India, around 1.9 million households (mass affluent category) will have $500,000 each while 29 million households will have $100,000 each, the report said.

Traditionally, Indians invest most of their savings in physical assets like real estate and gold. However, that is soon going to change. "We are seeing a cultural change driving attitudes towards wealth in India. Composition of assets of wealthy Indians is increasingly shifting from physical assets to financial assets," Satya Bansal, CEO, Barclays Wealth, India, said.

"We foresee huge potential in the creation of financial assets, as real estate and gold still account for more than half of the household wealth in the country," he said.

According to Bansal, factors contributing to India's wealth surge will be inherited wealth, promoter's wealth and wealth of professionals and celebrities.

In fact, over the next decade, the four nations - Brazil, Russia, India and China (BRIC) - will have so much wealth that it will be inappropriate to call them emerging markets, the report said.