India home to 70 billionaires; Mukesh Ambani richest man with fortune of $18 bn

Despite the currency fluctuations, India has improved its position over last year. In the 2014 Hurun global rich list, the country is ranked fifth with 70 billionaires, 17 more than 2013.

Interestingly, India has higher number of these super rich individuals than Germany, Switzerland, France and Japan.

The combined wealth of the Indians billionaires comes to a staggering $390 billion.

The US is home to 481 billionaires, followed by China with 358 billionaires. The US and China now have half of all billionaires on the planet, the report said, adding that the UK, Japan, Switzerland, India and Russia are growing fast in terms of billionaires.

Moreover, Mumbai is home to 33 billionaires and is among the top six billionaire cities in the world.

New York is officially the 'Billionaire Capital of the World' as 84 of the Hurun Billionaires live in the 'Big Apple', up 14 from 70 last year.

The list is a compilation of US dollar billionaires and wealth calculations were a snapshot of the positions on January 17, 2014. The list ranked 1,867 billionaires from 68 countries. The total wealth of the these super rich people amounted to an eye-popping $6.9 trillion.

Of the 1,867 billionaires, 946 saw their wealth increase and there were 482 new faces. Only 318 individuals saw their wealth decrease and 123 remained unchanged.

The average age is 64, up one year from 2013. One in nine billionaires is a female, compared with one in ten last year, the report said.