India has more billionaires than China

[OhioChick]

< 17 Nov, 2006 1803hrs ISTPTI >

NEW YORK: It is no secret that China's economy is expanding faster than that of India, but the growth in India has created more billionaires than in the communist country. According to the latest Forbes rich list, India has as many as 36 billionaires, which is more than double the 15 China has.

The collective net worth of India's 40 richest persons stands at an astounding 170 billion dollar (Rs 763,000 crore). This is way ahead of the sum total of their Chinese counterpart – 38 billion dollar—according to Forbes .

The minimum net worth of India's richest is also considerably higher at 790 million dollars, as against 514 million dollars in China.

When it comes to woman power, China scores a notch above India. While there are only two women among India's 40 richest persons, China has six in its Richie Rich club.
http://timesofindia.indiatimes.com/In_the_Richie_Rich_club_India_has_more_billionaires_than_China/articleshow/462436.cms

[David__77]

1. That makes sense since China is a "socialist country."

One would think there would be no "billionaires" in China. They are at least taxed at a high rate there.