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New Delhi
18 November 2007
India's super-rich now make up one of the wealthiest groups in Asia. Anjana Pasricha reports from New Delhi on how a growing economy and booming stock markets continue to produce great wealth - for a very few.
Forbes Magazine says India's billionaires constitute one of the wealthiest groups in Asia. Their collective net worth has surged to $351 billion - nearly double that of last year.
Forbes lists 54 U.S. dollar billionaires in India. That is the second highest number in Asia after China, which now has the second highest number in the world, after the United States. According to Forbes, China has 66 billionaires, while the Hurun Report, a respected chronicler of such things, puts the number in China at more than 100.
India has moved past Japan, which for nearly two decades had boasted the largest number of billionaires in Asia.
Anjan Roy, an economist1 with the Federation2 of Indian Chambers3 of Commerce and Industry, says individual wealth in India is rising rapidly because the country's economic growth is driven largely by the private sector4 and many of the top private Indian companies are family-owned businesses.
"Many of these companies are owned by individuals, not corporations, and they are prominent shareholders5, fully6 owned or private limited companies. So these people are getting enriched very fast," said Roy.
The owners of these companies are becoming richer largely due to a record stock market rally that has seen Mumbai's Sensex rise by 44 percent this year.
For example, the net worth of India's second richest man, Mukesh Ambani increased by two and a half times as share prices of his Reliance Industries more than doubled in the past year.
The Indian currency's sharp 12 percent appreciation7 against the dollar has also helped increase individual fortunes in dollar terms.
China's billionaires, likewise, have gained their wealth largely through rising stock market and real estate valuations.
The Indian list of billionaires also includes a new name: Kushal pal8 Singh. Forbes says he has become the world's richest real estate developer after he listed his company, DLF Ltd.
And from all accounts, the super-wealthy are learning to spend their money. Newspapers have carried reports of dream mansions9 being planned, and luxury private jets being snapped up by the billionaires.
Their wealth is in stark10 contrast to the poverty in the rest of the country. Four hundred million Indians, almost 40 percent of the population, still live on less than a dollar a day.
1 economist | |
n.经济学家,经济专家,节俭的人 | |
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2 federation | |
n.同盟,联邦,联合,联盟,联合会 | |
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3 chambers | |
n.房间( chamber的名词复数 );(议会的)议院;卧室;会议厅 | |
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4 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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5 shareholders | |
n.股东( shareholder的名词复数 ) | |
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6 fully | |
adv.完全地,全部地,彻底地;充分地 | |
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7 appreciation | |
n.评价;欣赏;感谢;领会,理解;价格上涨 | |
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8 pal | |
n.朋友,伙伴,同志;vi.结为友 | |
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9 mansions | |
n.宅第,公馆,大厦( mansion的名词复数 ) | |
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10 stark | |
adj.荒凉的;严酷的;完全的;adv.完全地 | |
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