Beijing: India, whose high economic growth is driven mostly by the private sector, will witness a rise in the number of billionaires as compared to China in 2006, an official with the Forbes Asian Rich List said on Thursday.
"This year there were 15 billionaires in China but last year in India, we had 20 billionaires," Contributing Editor of Forbes, Justin Doebele told PTI here on the sidelines of the release of the Forbes' 2006 China Rich List.
"So there are more billionaires in India than in China," he said without divulging the details of the India Rich List which will be published later this month.
"We expect the numbers to go up as the markets in India have done pretty well this year," Doebele said noting that the Forbes Rich List in India will be mostly based on public listing.
He noted that India had better accounting sytems than China, more transparent markets and liquidity. "You can trust the numbers in India, again relative to China."
Tine Wee, Executive Director of Forbes Asia, said that Forbes will release the India Rich List, the third annual list, on November 27.
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