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India loses maximum number of rich

India is out of the list of top 12 countries with largest HNI population as a significant erosion in equity market in 2011 took a toll on assets and investable wealth of the billionaires, says a report. The US, Japan and Germany are the top three countries with the largest high net worth individual (HNI) population in the list prepared by Capgemini and RBC Wealth Management. China, the UK, France, Canada, Switzerland, Australia, Italy, Brazil follow them in that order. South Korea replaced India as the 12th member in the list. India first figured in the coveted list for the first time in 2010. According to the world wealth report, India had lost a significant number of high networth individuals (HNI) as a sharp plunge in equity market in 2011 wiped out asset values as well as levels of investable wealth of these individuals. "India suffered a slump in its equity market capitalisation and its currency in 2011 as a lack of faith in the political process and the slow pace of domestic reforms disappointed investors," the Capgemini and RBC Wealth Management report said.

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