India Has Most Billionaires in Asia

[nskripchun]

http://edition.cnn.com/2007/BUSINESS/03/09/india.wealth.ap/

...

India surpasses Japan with largest number of Asian billionaires

NEW DELHI, India (AP) -- India became home to the most billionaires in Asia, pushing Japan back to the No. 2 spot, according to Forbes magazine's 2007 rankings of the world's richest people.

Lakshmi N. Mittal, the London-based steel magnate who spearheaded the takeover of European steel maker Arcelor SA, was the richest Asian -- and the world's fifth-wealthiest -- with a net worth estimated at US$32 billion, the magazine said.

India added 14 new billionaires since last year to bring its total on the list to 36 with a combined wealth of US$191 billion, Forbes said, contrasting sharply with the 400 million Indians who still live on less than a dollar a day.

Japan's 24 billionaires had an estimated combined net worth US$64 billion, according to the list, while Hong Kong came in the third spot with 21 billionaires, and China was fourth with 20.

Globally, the number billionaires reached a record 946, Forbes said.

The rankings underscored how China's and India's rapid economic growth are altering the balance among the world's wealthiest men and women.

The rich in the world's two most populous cashed in on nearly every opportunity created last year by their increasingly globalized economies, from a boom in stock markets to soaring commodity and real estate prices, the magazine said.

The United States may still have 44 percent of the world's total billionaires, but many of them are dropping through the ranks and are being overtaken by business tycoons from Asia and other emerging economies, including Russia and Mexico, the Forbes' list showed.

Only five Americans were in the top 20 that included three Indians.

Hong Kong-based business tycoon Li Ka-shing was Asia's second-wealthiest and ninth overall with net worth of US$23 billion., the list showed.

Ranking second and third among Indians were the brothers Mukesh Ambani and Anil Ambani, who split their father's business after months of feuding in 2005.

Mukesh Ambani, whose Reliance Industries is largely focused on petroleum and petrochemicals, was No. 14 with wealth totaling US$20.1 billion.

His brother Anil, whose diversified business interests include telecommunications, power generation and finance, ranked 18 with an estimated net worth of US$18.2 billion.

The methodology of the rankings remains similar to the practice Forbes followed in previous years.

The worth of an individual's holdings in public companies was based on the Feb. 9 closing stock price, and the value of private companies was estimated by evaluating comparable public firms in the industry and by consulting with experts in the field.

Copyright 2007 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

[Heyyu]

Score 1 for the Brownies! Joking.

But this will stick it to the East Asian superiority syndrome (all those Chinese/Japanese/Koreans who think they're the top dog in Asia) :p

I think looking at the future: the Indian Subcontinent, Southeast Asia, and Central Asia will play a more vital role than people are aware. I personally think the "rise of China" is media hype and that China is already reaching it's tipping point sooner than people think. Not to say that China will shrink back to the Cultural Revolution days, but for those that say China will completely dominant Asia are buying into the hype (and perhaps some discrimination because whites seem to think Chinese are more "civilized" than Indians). Maybe because Chinese aren't as dark-skinned as Indians? What's even more sad is the Chinese that buy into their own hype.

And I think Japan and the 4 Asian Tigers like S.Korea/Taiwan/Singapore/Hong Kong have reached their maximum point as well and are going to stay constant instead of some huge-ass growth (unless S.Korea reunites with North Korea).

[LowFrequency]

Score 1 for the Brownies! Joking.

But this will stick it to the East Asian superiority syndrome (all those Chinese/Japanese/Koreans who think they're the top dog in Asia) :p

I think looking at the future: the Indian Subcontinent, Southeast Asia, and Central Asia will play a more vital role than people are aware. I personally think the "rise of China" is media hype and that China is already reaching it's tipping point sooner than people think. Not to say that China will shrink back to the Cultural Revolution days, but for those that say China will completely dominant Asia are buying into the hype (and perhaps some discrimination because whites seem to think Chinese are more "civilized" than Indians). Maybe because Chinese aren't as dark-skinned as Indians? What's even more sad is the Chinese that buy into their own hype.

And I think Japan and the 4 Asian Tigers like S.Korea/Taiwan/Singapore/Hong Kong have reached their maximum point as well and are going to stay constant instead of some huge-ass growth (unless S.Korea reunites with North Korea).

What reasons do you give for your arguments? Or is this all just speculation?

[Heyyu]

What reasons do you give for your arguments? Or is this all just speculation?

Eh, of course this is speculation on my part because no one can predict the future (if I could, I'd be rich!).

However, I've read many articles about China's rise and a lot it stems from the "Oh Chinese are so smart model minority" stereotype. Ironically, Indians are pretty much the same (study hard, get into a good university, blah blah blah). Although when there's talk of the Indians for some reason, it's always less favorable than the talk of the Chinese. At least from my vantage point.

Again, perhaps there is some racism because even though Indians study as hard as Chinese and get into the same prestigious schools... they're darker-skinned and eat weird food like curry and talk like Apu from the Simpsons.

I mean, Chinese get bad stereotypes as well, but there's also some Chinese fetish with the whole "kung-fu" oriential mysticism that Westerners are attracted to. Hell, people even think Buddha was Chinese! The only "positive" point that Indians might have is their yoga stuff that Westerners like, but overall... I'd say Indians get shit on slightly more (especially in the UK, where I think British have higher opinions of Chinese/Japanese/Koreans than they do Indians/Pakistani's/Bangladesh/Sri Lanka).

[Televangelist]

I'm more interested in the millions in India living on less than a dollar a day, and what we can do about that, than 36 of them having passed an arbitrary marker.

[LowFrequency]

I'm more interested in the millions in India living on less than a dollar a day, and what we can do about that, than 36 of them having passed an arbitrary marker.

I'm actually more interested in what the educated and wealthy in india do, as they will be the ones to set the tone for the indian economy. Trickle down economics wll take care of the rest.

[DijabutiA]

Mittal is already building a new world class steel facility in India, so the money will be go back home to help his peeps.

[Scowl]

Mittal is already building a new world class steel facility in India, so the money will be go back home to help his peeps.

No, that's not good enough.

I'm morally superior to you because, as far as this thread goes, I care about the poor Indian commoners while fake bourgeois elitists such as yourself only talk about the rich. I'm so different, smart and cool and you're all just a bunch of conformist drones. I know that it's hard for you to break free of your collectivist thinking, but if you want to be half as enlightened as I am then you're going to have to find a way.

[Televangelist]

I'm actually more interested in what the educated and wealthy in india do, as they will be the ones to set the tone for the indian economy. Trickle down economics wll take care of the rest.

Many factors suggest that this is not necessarily the case (http://www.foreignpolicy.com/story/cms.php?story_id=3720).

[ZhuBaJie]

And I think Japan and the 4 Asian Tigers like S.Korea/Taiwan/Singapore/Hong Kong have reached their maximum point as well and are going to stay constant instead of some huge-ass growth (unless S.Korea reunites with North Korea).

the growth of the Tigers largely slowed in the 90s and basically stopped with the 97 Asian Financial Crisis. Japan has been in recession for more than a decade now (closing to two decades, really), and if the Koreas unite, it'll cause more economic problems than growth (as seen by the reunification of Germany).

[DijabutiA]

I think he has some legitimacy in his comment regarding the slowing of growth. One aspect is declining population; I've read quite a few articles about this specifically regarding the auto industry (and the world, in general).
I read one talking about Porsche worrying that a shrinking population and how less students taking interest in science and engineering is going to affect Germany's auto industry. I also read the same concern regarding Japan; same article said that's why Toyota is setting up so much research/development facilities in the US b/c its easier to find engineers. Hiring laid off Big 2.5 engineers also makes life a lot easier...

[rel]

Hah that article is so wrong. HK is actually part of China so China has 20+21 =41 billionaires :P Also HK having 21 billionaires per 7million people is pretty damn HIGH

[Dirac]

I'd say Indians get shit on slightly more (especially in the UK, where I think British have higher opinions of Chinese/Japanese/Koreans than they do Indians/Pakistani's/Bangladesh/Sri Lanka).

This is true, but there are many more Indians etc in England than East Asians, so they are seen as a direct threat. IMO, the biggest problems India faces are corruption and middle class educated Indians leaving for other countries.

[Heyyu]

This is true, but there are many more Indians etc in England than East Asians, so they are seen as a direct threat. IMO, the biggest problems India faces are corruption and middle class educated Indians leaving for other countries.

Well the same problem that India faces is the same with China (massive corruption from government officials & the greedy elite, and the middle-class educated going overseas). Although in Canada/US/Australia, Chinese outnumber the Indians and yet I still think China has a slightly better image. Again, perhaps due to skin colour since Chinese don't have "brown" skin and many Chinese I know have pretty racist attitudes towards Indians... as if Indians are beneath them.

[KHANartist]

Eh, of course this is speculation on my part because no one can predict the future (if I could, I'd be rich!).

However, I've read many articles about China's rise and a lot it stems from the "Oh Chinese are so smart model minority" stereotype. Ironically, Indians are pretty much the same (study hard, get into a good university, blah blah blah). Although when there's talk of the Indians for some reason, it's always less favorable than the talk of the Chinese. At least from my vantage point.

Again, perhaps there is some racism because even though Indians study as hard as Chinese and get into the same prestigious schools... they're darker-skinned and eat weird food like curry and talk like Apu from the Simpsons.

I mean, Chinese get bad stereotypes as well, but there's also some Chinese fetish with the whole "kung-fu" oriential mysticism that Westerners are attracted to. Hell, people even think Buddha was Chinese! The only "positive" point that Indians might have is their yoga stuff that Westerners like, but overall... I'd say Indians get shit on slightly more (especially in the UK, where I think British have higher opinions of Chinese/Japanese/Koreans than they do Indians/Pakistani's/Bangladesh/Sri Lanka).

Yes, I`m looking forward to India`s rise. It`s going to catch a lot of people off guard in places like Europe and North America, but also in the Far East. Most people everywhere have a higher opinion of East Asians than they do of us....especially East Asians themselves

[ZhuBaJie]

Yes, I`m looking forward to India`s rise. It`s going to catch a lot of people off guard in places like Europe and North America, but also in the Far East. Most people everywhere have a higher opinion of East Asians than they do of us....especially East Asians themselves

"India's rise" is not going to catch anyone off guard. people have been talking about it for the past 3 or 4 years. but western media likes to focus more on China because it's one of their favourite boogieman. whereas India's government is a democracy and India's not being blamed by western governments for the shrinking of domestic manufacturing, so they don't take as much of an interest in it. the fact of the matter is though, India's wealth gap is probably widening faster than that of China's. its poverty rate much higher than that of China's, and its literacy rate is much lower than that of China's. this is something that's been a cause for concern for those in the west that have been noticing India's rise.

[Dirac]

Is it China itself that has a better image than India, or Chinese people?

[wuwei]

lol, India is only no.1 because they ranked China, Hong Kong, and Taiwan separately.

[wuwei]

Yes, I`m looking forward to India`s rise. It`s going to catch a lot of people off guard in places like Europe and North America, but also in the Far East. Most people everywhere have a higher opinion of East Asians than they do of us....especially East Asians themselves

lol, okay. East Asians are teh racistz!