4.37 lakh millionaires will call India home by 2018

India will be house 4.37 lakh millionaires by 2018, and the numbers would double by 2023, a new study has suggested.

The study by Wealth-X states that the "long-standing caste system" would only make the income gaps more acceptable in the country. The study found that wealth creation and luxury consumption are hampered by "social inequality or austerity agendas" in other emerging economies like China and Brazil.

Over the past year the number of dollar millionaires in the country has risen 27% from 1,96,000 to 2,50,000.

"Looking forward, India will continue to generate new millionaires at a rapid pace; we forecast 437,000 millionaires by 2018, and potentially double that number by 2023," Wealth-X said.

(Image credit: Indiatimes)