NEW DELHI (AP) - India became home to the most billionaries in Asia, pushing Japan back to the No. 2 spot, according to Forbes magazine's 2007 rankings of the world's richest people.
Lakshmi N. Mittal, the London-based steel magnate who spearheaded the takeover of European steel maker Arcelor SA, was the richest Asian - and the world's fifth-wealthiest - with a net worth estimated at US$32 billion, the magazine said.
India added 14 new billionaires since last year to bring its total on the list to 36 with a combined wealth of US$191 billion, Forbes said, contrasting sharply with the 400 million Indians who still live on less than a dollar a day.
Japan's 24 billionaires had an estimated combined net worth US$64 billion, according to the list, while Hong Kong came in the third spot with 21 billionaires, and China was fourth with 20.
Globally, the number billionaires reached a record 946, Forbes said.
The rankings underscored how China's and India's rapid economic growth are altering the balance among the world's wealthiest men and women.
The rich in the world's two most populous cashed in on nearly every opportunity created last year by their increasingly globalized economies, from a boom in stock markets to soaring commodity and real estate prices, the magazine said.
The United States may still have 44 percent of the world's total billionaires, but many of them are dropping through the ranks and are being overtaken by business tycoons from Asia and other emerging economies, including Russia and Mexico, the Forbes' list showed. Only five Americans were in the top 20 that included three Indians.
Hong Kong-based business tycoon Li Ka-shing was Asia's second-wealthiest and ninth overall with net worth of US$23 billion., the list showed.
Ranking second and third among Indians were the brothers Mukesh Ambani and Anil Ambani, who split their father's business after months of feuding in 2005.
Mukesh Ambani, whose Reliance Industries is largely focused on petroleum and petrochemicals, was No. 14 with wealth totaling US$20.1 billion.
His brother Anil, whose diversified business interests include telecommunications, power generation and finance, ranked 18 with an estimated net worth of US$18.2 billion.
The methodology of the rankings remains similar to the practice Forbes followed in previous years.
The worth of an individual's holdings in public companies was based on the Feb. 9 closing stock price, and the value of private companies was estimated by evaluating comparable public firms in the industry and by consulting with experts in the field. - AP
Source: The Star
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