India is Asia's top spot for billionaries

India's emerging economic clout has made it Asia's top spot for billionaires with its 40 richest businesspeople worth a collective $170 billion, up from $106 billion last year, according to leading American business magazine Forbes.

"India's top ten, worth $112 billion, account for two-thirds of that wealth," it said in a special Monday noting, "India's rising fortunes are underscored by the increasing prosperity of its wealthiest citizens."

"India was one of the world's poorest economies when it won its independence from Britain in 1947. Incredibly, 60 years later, the country's emerging economic clout has made it Asia's top spot for billionaires," Forbes said.

This year, for the first time in two decades of wealth tracking, Forbes counted more Indian than Japanese billionaires in its annual ranking of the world's wealthiest people.

Three Indians even made it to the list of the top 20 of the world's richest. Only the US had more billionaires in the top global ranks.

India's hot stock market, up 39 per cent this year, and its robust real estate market helped swell most fortunes. The minimum net worth needed to make the cut rose to $790 million, up from $590 million.

Lakshmi Mittal, who lives in London and forged a landmark deal in June to acquire Luxembourg rival Arcelor, remains No. 1 and is worth $25 billion. Mukesh and Anil Ambani unseated Azim Premji, who had been India's richest resident for years.

The two brothers, who split their business empire last year after a much-publicised feud, have found life alone much richer. Mukesh's fortune rose by $11.5 billion while Anil's increased by $9.3 billion.

Forbes said India was a relatively sleepy place for the world's wealthiest until three years ago with just nine billionaires in 2004, none ranked higher than 58. That's when wealth began taking off, with the fast-rising stock market and booming real estate sector bringing prosperity as never before.