India Beats China

China may be leading in all fronts. In one area India beats China is selective wealth. The multi billionaires list is growing in India. No wonder they are chasing the overseas acquisitions and investments.

The Times of India writes on 21 November 2009

India lags behind China in terms of economic growth rate, but has beaten the neighbourhood country, when it comes to the wealth accumulated by its richie-rich club.

India’s 100 richest people command a total fortune of $ 276 billion, which is more than $ 100 billion than the total networth of their Chinese counterparts, despite the fact that China is home to more number of billionaires.

The nation’s richest top their Chinese counterparts when it comes to the size of their fortunes. The top 10 richest Indians have a fortune of $ 155 billion, almost four times that of China’s top 10, business magazine Forbes said.

According to Forbes, India is now home to as many as 52 billionaires, nearly double from 27 last November and just shy of a record of 54 in 2007 at the peak of stock market boom.

“The combined fortune of India’s 100 richest is a staggering $ 276 billion, well ahead of the equivalent sum for China’s top 100,” Forbes said. The total networth of 100 richest people in China stood at $ 170 billion.

It added that “although China has more billionaires – 79 vs India’s 52 – India’s wealthiest are worth over $ 100 billion more than the $ 170 billion total net worth of their Chinese counterparts.”

Meanwhile, India’s wealthiest person, Mukesh Ambani, boasts of a net worth which is more than five times the wealth of China’s richest citizen.

Mukesh Ambani, with a fortune of $ 32 billion, has a wealth more than five times of the $ 5.8 billion net worth of China’s richest citizen BYD’s Wang Chuanfu, at the time Forbes published its China 400 rankings earlier this month.

“Wang’s fortune has since dropped along with BYD’s shares,” Forbes added.

India saw a significant rise in the number of super rich people largely driven by a recovery in the stock markets and buoyant economic conditions despite global economic slump.

“Happier days are here again for India’s super rich, thanks to a rebounding stock market, up two-thirds in the past year, and a still buoyant economy that’s growing at least six per cent a year,” Forbes said.

Among other factors, a recovering real estate market was one of the biggest sources of wealth, producing 14 rich-listers, over half of them billionaires, while 13 tycoons made their money in India’s pharmaceutical industry.

Meanwhile, India’s export-driven software sector, produced some of the country’s bigger fortunes, including that of tech tycoon Azim Premji who was ranked fourth on the Forbes rich list with $ 14.9 billion, and HCL Group’s Shiv Nadar at No 15, Infosys Technologies alone produced five of the top 100 tycoons — three of whom are billionaires — more than any other company.

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