India beats Japan in billionaire numbers

In terms of sheer numbers, Indian leads Asia with 36 of its billionaires figuring in the list of top-50 richest individuals, of whom Forbes placed Lakshmi Mittal, Mukesh Ambani and Anil Ambani in the ultra elite global top 20.

The combined wealth of Indian billionaires, including familiar names like Azim Premji, K P Singh, Sunil Mittal, Shashi and Ravi Ruia, Pallonji Mistry and Adi Godrej, swelled to $191 billion - equal to one-fourth of India's GDP.

Mukesh Ambani and his brother Anil Ambani breached into the top-20 richest list with a net worth of $20.1 billion and $18.2 billion respectively. Forbes ranked Lakshmi Mittal, whose steel empire has earned him $32 billion, the fifth-richest person on the planet.

The Forbes list for 2007 said India ended Japan's 20-year reign as home to Asia's most number of richest people. The land of the rising sun now has 24 billionaires with a combined net worth of $64 billion.

However, China and Hong Kong together account for 41 billionaires, including Hutchison Whampoa's Li Ka-Shing.

"India's rich are marching toward the top of our rankings and now has three in the upper echelons, second only to the US," the Forbes' magazine said.

As many as 14 Indians have joined the coveted club this year, raising the net worth of the country's billionaires by around $90 billion.

Wipro's Premji is ranked 21st with $17.1 billion in the Forbes list. Kushal Pal Singh of DLF was ranked 62 with $10 billion, Bharti Group Chairman Sunil Mittal and family at 49 with $9.5 billion, Aditya Birla Group Chairman K M Birla at 86 with $8 billion and Essar Group's Shashi and Ravi Ruia also at 86 with $8 billion.