Powered by the booming stock markets, India produced 168 new billionaires -- easily the highest ever -- in 2006-07. Also as many as 30 have moved up at least 100 places -- another record.

As a result, the membership of the Billionaire Club has touched 533 and their combined wealth stands at Rs 12.32 lakh crore. The top five are worth over Rs 50,000 crore each.

To put these figures in context, eight years ago, when Business Standard compiled its first list of the wealthiest people in the country, the 100 that comprised it were worth Rs 84,000 crore.

The details of the rankings of India's richest are being carried in The Billionaire Club magazine, which is being distributed free with the daily on Friday.

There are now 48 Indians with wealth above $1 billion (Rs 4,000 crore, or Rs 40 billion), making them dollar billionaires. There were 23 last year and only three in 1999.

Reliance Industries [Get Quote] Chairman Mukesh Ambani is the Billionaire of the Year with a net worth of Rs 1.45 lakh crore. His brother, Anil Ambani comes second with a net worth of Rs 97,090 crore. No wonder, the Ambani brothers are now the richest family in the world.

Sunil Mittal, the promoter of Bharti Airtel [Get Quote], is at number three with a net worth of Rs 73,429 crore.

In a way, 2006-07 could also be called the year of the landlord. Of the 46 that turned billionaires by initial public offerings, the top seven are real estate developers, led by KP Singh of DLF. Singh was ranked fourth in the compilation of India's richest after his real estate conglomerate came out with its mega initial public offering.

The magazine also shows inherited wealth is no longer the only way to become a billionaire. In fact, the majority of the BS billionaires are self-made.