South Korea saw the world’s fourth-largest growth in millionaires last year, as measured in U.S. dollar terms.

According to a joint report on world wealth by U.S. investment bank Merrill Lynch and French consulting firm Capgemini, the number of South Korean millionaires rose nearly 19 percent last year from 2006 to stand at 118-thousand.

India saw the largest growth followed by China and Brazil.

The report said the number of millionaires around the world stood at ten-point-one million with Americans accounting for one third of that group.