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Indian billionaires richer than Chinese

The collective net worth of 40 richest Indians is $106 bn compared to China's $26 bn, says Forbes magazine.

india Updated: Mar 11, 2006 17:51 IST

India's rich are richer than China's and have much higher net worth, Forbes magazine has reported.

The collective net worth of 40 richest persons in India is $106 billion compared with China's $26 billion.

To make the list, an Indian has to have a net worth of $590 million while it is much less at $321 million in case of China.

India has 27 billionaires compared with10 of China.

"India has bragging rights over China, at least when it comes to net worth of its wealthiest citizens," the magazine commented.

Non-Resident Indian steel tycoon Lakshmi Mittal finds fifth place in the magazine's list of the world's richest with a net worth of more than $20 billion.

There are eight Chinese who figure in the list, led by Larry Rong Zhijian, the head of the Citi Pacific conglomerate with a fortune of $1.7 billion.

The richest man living in China was an Australian citizen, Chinese-born Shi Zhenrong, a solar power entrepreneur who debuts on this year's list with $2.2 billion.

First Published: Mar 10, 2006 11:05 IST