Names like Ambanis and Mittals making to global rich lists every now and then notwithstanding, India accounts for just about one per cent of the worldwide wealth market size of over $100 trillion.

According to the latest wealth report by global consultancy major Boston Consulting Group, the global wealth market grew to $109.5 trillion in 2007, up 4.9 per cent over the previous year.

While noting that the wealth market is growing rapidly in India, the report said that the country accounts for only a small  fraction of the global market with a size of $1.4 trillion.

BCG has calculated the wealth market size on the basis of Asset Under Management (AUM), which includes cash deposits, money market funds,listed securities held directly or indirectly through managed investments and onshore and offshore assets. It excludes wealth attributed to investors' own businesses, houses or luxury goods.

BCG said India's wealth market, despite being underdeveloped and relatively small, is "attractive enough to be competitive".

According to a list of the world's richest billionaires released by US business magazine "Forbes" earlier this year, the number of billionaires in India has gone up to 53, from 36 last year.

Collectively, the  53 Indian billionaires command a net worth of over $340 billion. Besides, there are three resident Indians – Mukesh Ambani, Anil Ambani and K P Singh – among the 10 richest persons in the world, according to "Forbes".