Asian billionaires

India became home to the most billionaires 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 of 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 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.