Well, based on official figures, perhaps. I am pretty sure, however, that India alone has more than 20 million dollar millionaires.
A large part of the Indian economy operates outside the tax net. Some of it is deliberate (income from farming is not taxed, even if you earn tens of millions of rupees from your acreage), the rest is due to garden variety tax fraud.
Basic apartments in the top 10 cities start at $200,000 (could be something like $500,000 in places like Mumbai). And plenty of people own 2-3-4 of these. You have to move to distant suburbs if you want cheaper housing.
Millions of Indian households hold large quantities of gold. Millions invest in the stock market.
An upper-middle-class life for a family of three in one of the major cities requires around $30,000 easy (double that if you are the splurging kind) which can buy you a LOT more than what the same sum can get you in LA/NY/London.
Once you add these up, my figure is completely within the realm of possibility.