He argues that India offers a more attractive stomping ground for private bankers than China. It is growing millionaires faster than any market bar Singapore.
ôMany people think that if the economy grows, you have more wealthy people, but that is not entirely true,ö Bagchi says. ôChinaÆs GDP growth is faster than IndiaÆs, but it has fewer millionaires. ThatÆs because IndiaÆs growth is driven by entrepreneurialism. We have a huge service sector. ChinaÆs growth has been state-driven. GDP growth is not enough.ö...
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