Forbes announced 'India's Richest 40', the second annual list of 40 richest Indians. The list is nicely represented by IT, the industry that created all the buzz about India than any other industry. The next sector that created more buzz is telecom and is aswell represented nicely in the list, though IT and Telecom are still behind the tycoons from Steel and Petrochemicals overall.
There is something more interesting information in the list. There is a comparision between China's top 40 list and India's top 40 list. India has 27 billionaires with a collective worth of $106 billion compared to 10 from china with a collective worth of $26 billion. And there is little more for Indians to party. The minimum networth of the people in the list is $590million in India where as China's minimum net worth stands at $321 million.
But there is some thing interesting mentioned at the botton of the comparision, which brings a starking difference to light between China and India in wealth creation and distribution. China is far ahead in GDP with a $7.3 trillion while India is still pegging at $3.3trillion. Though GDP is much higher, China has fewer Billionaires. It means China's wealth might have been distributed across more people while India's wealth is concentrated across a few. There is another good news for China. China is growing at 9.5% compared to India at 7.3%. For a moment I thought India is almost catching up with china in growth. But I realised it immediately, that India is not catching up the growth in volume but just the growth rate. And it makes a big difference.
Here is little math., assuming that both countries maintain the same rate of growth.
Year -India -China
2005 -3.3 -7.3 - India GDP is around 45% of China GDP. Difference in GDP: $4.0 Trillion
2006 -3.54 -7.99
2007 -3.79 -8.75
2008 -4.07 -9.58
2009 -4.37 -10.49
2010 -4.69 -11.49
2011 -5.03 -12.58
2012 -5.40 -13.77
2013 -5.79 -15.08
2014 -6.22 -16.52
2015 -6.67 -18.09 India GDP is 36% of China. Difference in GDP is $11.4 Trillion
Can India really catchup with China?
Slow and steady wins the race ....................................................
only when the faster opponent is sleeping!!!
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