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This refers to the report “More Indians in millionaires list” (Business Line, June 26). It is interesting to note that China, which is known for socialistic ideologies, has 415,000 high-net-worth individuals (HNWI) according to the 12th Annual World Wealth Report.

One can understand that in India, the rich becoming richer and the poor poorer is not a new phenomenon, thanks to its middle-of-the-road (mixed economy) economic system where there are lots of chances for the capitalists to rule the roost in certain sectors and become millionaires.

Hence, the 22.7 per cent increase of HNWI in India is not a surprise. But the fact that China has more millionaires than India goes to prove that, no matter what labels countries give themselves, in practice, all world economies are mixed.

S. Ramakrishnasayee Ranipet

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