China had about 236,000 wealthy people, each with more than US$1 million in assets in 2003, the Shenzhen Economic Daily said Monday, quoting a report in the Guangzhou-based 21st Business Herald.

The report, compiled by the Merrylin Group, said China, with an increase of 12 percent over the previous year, was second behind India which had a 22-percent increase in the number of wealthy people, reported Shenzhen Daily.

The wealth is calculated on financial assets, not including housing. Their total assets average 34 million yuan (US$4.1 million), according to the report.

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.

Source: Shenzhen Daily