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India producing more millionaires than China
By siliconindia staff writer
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Wednesday, 15 September 2004, 19:30 IST
MUMBAI: India was ahead of China in producing millionaires as the Communist giant witnessed a rise of only 12 per cent in the number of wealthy persons in the year 2003 compared to its neighbour's 22 per cent, a report compiled by the Merrylin Group in Beijing said.
The wealth is calculated on financial assets, excluding housing, and the total assets of the Chinese average $4.1 million, Shenzen Economic Daily reported yesterday, quoting a report in the Guangzhou-based '21st Business Herald.' Merrylin employed a special method of calculating wealth.
It first estimated the total wealth of a country and then calculated the wealth distribution among adults. The calculations include shareholdings, bonds, funds and cash while excluding antiques, property and consumer goods, the report said.