Number of Indian billionaires almost doubles in a year: Forbes

Happier days are back for India's rich who saw their fortunes dwindle during the recession as the country's billionaire list has doubled from last year to 52, according to the Forbes annual list of richest list for the country.

"The nation is now home to 52 billionaires, up from 27 last year and only two short of what India had at the peak of its stock market boom in 2007," business magazine Forbes said.

Among those who witnessed a significant jump in fortune include Mukesh Ambani, who despite taking a 66 per cent cut in compensation last fiscal is worth $32 billion, a gain of over $11.2 billion from year-ago.

Overall, the top three billionaires of India-- Mukesh Ambani, steel tycoon Lakshmi Mittal and Anil Ambani -- are worth $79.5 billion, which is $25.7 billion more than their combined sum a year ago.

However, Forbes said the amount is "still far shy of their record total of $145 billion in 2007".

The top 10 richest people in the list are worth $155 billion, a 60 per cent increase over last year and four times that of China's top 10.

The combined wealth of the 100 richest Indians was a whopping $276 billion, amounting to almost one-fourth of the country's gross domestic product.

The Bombay Stock Exchange benchmark index Sensex has gained over 75 per cent this year and is heading for one of its best annual performance, while, the Indian economy is all set to clock a decent six per cent growth amid recessionary scenario world over.

Interestingly, though China can boast of having maximum number of billionaires, the combined net worth of Indian billionaires is way ahead of their Chinese counterparts.

"Although China has more billionaires--79 as against India's 52--India's wealthiest are worth over $100 billion more than the $170 billion total net worth of their Chinese counterparts," Forbes said.

This year's list provides a refreshing change from last year when these very people suffered the maximum losses and witnessed a whopping wealth erosion.

In the world's richest people list, which came out in March this year, Forbes had said that India's richest are facing a major reality check because of a volatile stock market and a depreciating rupee.

But Forbes had also hinted that "the winds of wealth can change quickly, as this year has illustrated. They may yet again blow favourably in the direction of these tycoons," a fact which has come inevitably true this time.