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

"Many new millionaires (will be) created in China, India, Russia and other countries that are undergoing rapid development," Barclays Wealth said. "This trend suggests that a point will soon come when it is more appropriate to say that these countries are central players in the global economy, and should no longer be classed as emerging or developing," it added.

The surge of wealth in the emerging markets have in fact threatened the positions of more developed economies, the report continued, adding, Australia's rank has fallen from 10th to 16th, while South Korea and Portugal saw their ranks fall from 12th and 25th to 15th and 34th respectively.

Success of maturing markets like Turkey (up 26th position from 32nd) and Malaysia (up 28th position from 35th) has also caused the displacement of historically stronger economies, such as Norway (relegated from 27th to 31st place).

By 2017, India will rise to the 8th position in terms of being home to largest number of millionaires from the present 14th rank, while China will climb to the third position from the present seventh place, the report said.

While Russia is projected to move up to 11th spot from the current 19th, Brazil could move up the wealth ladder from the present 15th position to 12th, it added.

However, the rapid rate of growth and often spectacular returns from local equity and real estate markets has attracted a new breed of inexperienced investors.