NEW DELHI: India was 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 neighbour's 22 per cent.

China had about 2,36,000 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 during the same period, a report compiled by the Merrylin Group in Beijing said.

The wealth is calculated on financial assets, excluding housing, and the total assets of the Chinese average 4.1 million dollars, Shenzen Economic Daily reported, quoting a report in the Guangzhou-based '21st Business Herald.'

Merrylin employed a special method of calculating wealth. It first estimated the total wealth of a country and then calculated the wealth distribution among adults. The calculations include shareholdings, bonds, funds and cash while excluding antiques, property and consumer goods, the report said. -Courtesy: SAFMA