Business, Economics and Jobs

BRICs account for billionaire growth

The BRICs drove growth in the billionaire list this go-around, Reuters reports

Brazil, Russia, India and China produced half the world's 214 new billionaires, double last year's 97 newcomers, the news agency said.

China nearly doubled its number of billionaires to 115, while Russia and Brazil posted two-third jumps to 101 and 30, respectively, the news agency said, citing the new Forbes list of the world's richest people. The number of Indian billionaires increased by six to 55 in total.

While India's number of billionaires did not increase much, their "average net worth ... is huge -- $4.5 billion for an Indian billionaire versus $2.5 billion for a Chinese billionaire," Reuters quoted Forbes chief executive Steve Forbes as saying.

This rich list marked the first time any country outside the United States, which has 413 billionaires, had more than 100, the agency added. Moscow is now home to the most people on the list with 79 billionaires, easily outstripping New York, which has just 58, Reuters said.