It’s no secret that the BRIC (Brazil, Russia, India, China) countries have a much larger representation in the Forbes world’s billionaires rankings. What’s more interesting is the origination of the Indian billionaires’ wealth (four of the top eight billionaires were Indian). Says the WSJ‘s Robert Frank:
Clearly, Indian wealth has a different flavor than American wealth. All four of the Indian billionaires inherited substantial fortunes, suggesting that in India, wealth is still determined more by your parents than by your career or your ideas. While that’s changing, the number of large fortunes made by purely self-made entrepreneurs still lags far behind the U.S. And many of the biggest fortunes in India come from old-fashioned industries such as oil, steel and real estate.
Yet over time, I wouldn’t be surprised if an Indian — or a Russian or a Mexican — takes over Warren Buffett’s spot atop the list. [link]
Optimistic, but still a long way to go.