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Sunday, March 11, 2007

Indian Medias Hail for the Number of Billionaires, for What?

Forbes released latest list of billionaires (Source). There are Indian 36 billionaires in it. India even has surpassed Japan as the country in Asia with the most billionaires. Japan had held the position for two decades. India's billionaires are worth a total $191 billion while Japan's 24 billionaires are worth $64 billion.

In recent days, Indian medias are all bragging about it. Is it a real good thing to boast of? Maybe, maybe not.

Lakshmi Mittal is listed as the No. 5 in the world and he is counted in the Indian list. Wait a miniute, he was born in India and has the Indian citizenship. But he is an UK citizen too. Don't forget, he has little investment in his home country even he has US$32.0 billion. The headquaters of his coporation is in London not Mumbai or New Delhi. The cost of his daughter's wedding in London could even be more than the total of his charity activities in India.

India's economy is only one third of that of China and one fifith of that of Japan. Half of Indian kids are mulnutritioned, many Indians are living in slums or even simply on the streets. But India has more Billionaires and huge wealth of this country is now in the hands of few people. This will never draw a harmony picture and could not be a good thing.

China had a sociallist economy 30 years ago. We know the importance of equal distribution of social wealth. During the 30 years of reform, the wealth gap is now the social focus even all Chinese benefit from the reform. For example, The income of Chinese faremrs increased by more than 7.4% and urban Chinese income grew by 10.4% by real terms in 2006. The gap in China was caused by the accumulation of the different growth rate in 30 years. But in India, the economical growth only inflates the pockets of few people. That's why Chinese seldom talk about the domestic billionaires since we don't consider it a pure good thing.

Any way, Bragging is India's own business. I should not say too much about this. I post this because I saw a report in The Hindu, an Indian mainstream media. You can read it if you like to have some fun. I just want to say that most of Chinese are shocked not because there are so many billionaires in India, we are shocked because there are so many billionaires in a poor country.

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Blogger Tluanga said...

nice one, sad how media respect despite gap in wealth, it's something more to be ashamed of

12:41 AM  

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