168 new members in Billionaire Club

Dollar billionaires more than double to 48; real estate barons have a field day

Powered by the booming stock markets, India produced 168 new billionaires "" easily the highest ever "" in 2006-07. As many as 30 have moved up at least 100 places "" another record.

As a result, the membership of the Billionaire Club has touched 533 and their combined wealth stands at Rs 12.32 lakh crore. The top five are worth over Rs 50,000 crore each.

To put these figures in context, eight years ago, when Business Standard compiled its first list of the wealthiest people in the country, the 100 that comprised it were worth Rs 84,000 crore.

There are now 48 Indians with wealth above $1 billion (Rs 4,000 crore, or Rs 40 billion), making them dollar billionaires. There were 23 last year and only three in 1999.

Reliance Industries Chairman Mukesh Ambani is the Billionaire of the Year with a net worth of Rs 1.45 lakh crore. His brother, Anil Ambani, comes second with a net worth of Rs 97,090 crore. No wonder, the Ambani brothers are now the richest family in the world.

In a way, 2006-07 could also be called the year of the landlord. Of the 46 that turned billionaires by initial public offerings, the top seven are real estate developers, led by KP Singh of DLF. Singh was ranked third in the compilation of India's richest after his real estate conglomerate came out with its mega initial public offering.

Sunil Mittal, the promoter of Bharti Airtel, is at number four with a net worth of Rs 73,429 crore.

The Billionaire Club also shows inherited wealth is no longer the only way to become a billionaire. In fact, the majority of the BS billionaires are self-made.

For example, the more absorbing sub-plots involve the lesser-known billionaires such as Sudip Dutta, who first came to Mumbai at the age of 17 and joined a company that made pouches to package medicines, at a salary of Rs 15 a day. Dutta and family are worth Rs 847 crore now, thanks to their 64.61 per cent equity holding in newly listed Ess Dee Aluminium.

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