According to a new report, the total number of billionaires in India would more than double during the coming ten years as the emerging economy catches up with the western powers.

A global rich list showed that Indian has a total 122 billionaires and is ranked fifth among the top 10 countries with most number of billionaires in the world. The report from Knight Frank India titled global Wealth Report 2013 also showed that the increase in the number of billionaires in India would add the highest number of HNWIs in Asia by 2022 along with neighbouring China and Japan.

Samantak Das, Director Research and Advisory Services, Knight Frank India noted that Mumbai is on the 7th position in the list of top global cities with the highest number of High Net Worth Individual (HNWI) by 2015. He said that the number of HNWIs in Mumbai is expected to rise to 4988 by 2022. Delhi, which is ranked 11th on the list with 1945 HNWI, will record an increase to 4278 by 2022.

The report said that the number of HNWIs is expected to increase by 88 per cent during the coming decade in Asia.