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It is raining billionaires in India, despite the fact that a major chunk of the country's huge population still grapples with poverty. India now has a record number of 55 billionaires, according to the Forbes 2011 world billionaires' list. India stands third after the United States and China in the number of billionaires.

The combined wealth of India's 55 richest is $246.5 billion, much higher than last year's total of $222.1 billion. It is also more than the combined GDPs of Pakistan and Sri Lanka!

For the first time in the Forbes list, there are more billionaires from the BRIC nations -- Brazil, Russia, India and China -- than from Europe. These nations together accounted for half of the world's 214 new billionaires, from 97 billionaires last year.

India has seven billionaires among the top 100 richest people in the world. There are 1,210 billionaires, in the Forbes' list with a combined wealth of $4.5 trillion, up from $3.6 trillion a year ago.

1. Lakshmi N Mittal (Rank 6)
With a wealth of $31.1 billion, ArcelorMittal chairman and CEO, Lakshmi Mittal pipped Mukesh Ambani to become the richest Indian and the 6th richest man in the world.
Last year, his total wealth was $28.7 billion.
Mittal founded Mittal Steel Company (formerly the LNM Group) in 1976. In 2006, the company merged with Arcelor to become the world's largest steelmaker.

2. Mukesh Ambani (Rank 9)
Reliance chairman Mukesh Ambani is the second richest Indian with a wealth of $27 billion.
Mukesh Ambani's fortune stood at $29 billion last year and he was the 4th richest man in the world.
Mukesh Ambani had been the richest Indian for three years from 2007 to 2010.

Azim Premji (Rank 36)
Software czar Azim Premji, with a fortune of $16.8 billion is the third richest Indian. Premji's wealth has slipped from $17 billion.
Premji plans to set up a new endowment trust with a Rs 8,846 crore ($2 billion) to fund various educational initiatives.

4. Shashi & Ravi Ruia (Rank 42)
Brothers Shashi & Ravi Ruia, who head the Essar group are the fourth richest businessmen in India. Their net worth has risen from $13 billion last year to $15.8 billion.

5. Savitri Jindal & family (Rank 56)
Savitri Jindal is the richest woman in India Inc. The non-executive chair of O P Jindal Group, she took over the steel and power conglomerate founded by her late husband Om Prakash in 1952.
Her net worth rose to $13.2 billion from $12.2 billion in 2010.

6. Gautam Adani (Rank 81)
Chairman of the Adani Group, Gautam Adani's net worth has jumped to $10 billion from $4.8 billion last year to become the 6th richest Indian.

7. Kumar Mangalam Birla (Rank 97)
With a net worth of $9.2 billion, chairman of the Aditya Birla Group, Kumar Birla is the 7th richest person in India. His fortune has risen from $7.9 bilion last year.

8. Anil Ambani (Rank 103)
It has been a downfall for the chief of Reliance Anil Dhirubhai Ambani Group, Anil Ambani. He has fallen 4 places in the richest list with a net worth of $8.8 billion. Last year, his fortune was $13.7 billion.

9. Sunil Mittal & family (Rank 110)
With a fortune of $8.3 billion, chairman of Indian telecom giant Bharti Airtel, Sunil Mittal and family maintained their position this year as well.
Last year also, they were ranked the ninth richest in the country with a wealth of $7.8 billion.

10. Adi Godrej & family (Rank 130)
Chairman of the Godrej group, Adi Godrej is the tenth richest Indian with a new worth of $7.3 billion, up from last year's $5.2 bilion.

11. Kushal Pal Singh (Rank 130)
Chairman of DLF, Kushal Pal Singh was pushed out of the top 10 list this year. His net worth fell from $9 billion in 2010 to $7.3 billion.

12. Anil Agarwal (Rank 154)
Agarwal is founder-director and executive chairman of the UK-based Vedanta Resources Corporation. He is the 12th richest Indian with a fortune of $6.4 billion, and the 154th richest man in the world.
Agarwal is also chairman of Sterlite and is a director of BALCO, HZL, and Vedanta Alumina Ltd.

13. Dilip Shanghvi (Rank 159)
Dilip Shanghvi, chairman of Sun Pharmaceuticals saw a rise in fortune to $6.1 billion from $4.6 billion last year.

14. Shiv Nadar (Rank 182)
Shiv Nadar, founder of HCL, saw his fortune zoom to $5.6 billion from $4.2 billion last year. He is the 14th wealthiest Indian and the world's 182nd richest man.

15. Malvinder & Shivinder Singh (Rank 265)
Former Ranbaxy CEO Malvinder Singh and his brother Shivinder Singh saw a rise in wealth to $4.1 billion from $3.2 billion last year.

16. Kalanithi Maran (Rank 310)
Media tycoon Kalanithi Maran heads Sun TV, India's biggest regional broadcaster. From $2.9 billion last year, Maran's wealth has risen to $3.5 billion.

17. Uday Kotak (Rank 347)
Uday Kotak, founder of the Kotak Mahindra Bank is ranked at 17 among the richest Indians. His fortune stood at $3.2 billion.

18. Micky Jagtiani (Rank 376)
Micky Jagtiani, CEO of the Landmark Group has a fortune of $3 billion. He has moved 3 places ahead compared to last year in the rich list.

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