India is 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 India's 22 per cent.
China had about 236,000 wealthy people in 2003, a rise of 12 per cent over the previous year, while the number of millionaires in India rose by 22 per cent in the same period, a report compiled by the Merrylin Group in Beijing said.
The wealth is calculated on assets, excluding housing, and the total assets of the Chinese average $4.1 million, Shenzen Economic Daily reported on Wednesday, quoting a report in the Guangzhou-based 21st Business Herald.
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