China, Russia drive growth in billionaires

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Rising steel and oil prices in Russia, more honest disclosure in Brazil and booming economies in China and India have fueled a spike in billionaires in the so-called BRIC countries.

Moscow is now home to the most billionaires with 79, followed by New York with 58, Forbes said in its annual list of the world's richest people.

The world's richest man, Mexican tycoon Carlos Slim, retained his crown for the second year in a row and made more money than any of the other 1,209 billionaires in the past year: $20.5 billion, taking his fortune to $74 billion.

The magazine said China nearly doubled its number of billionaires to 115, while Russia and Brazil posted two-thirds jumps to 101 and 30, respectively. It was the first time countries outside the United States produced over 100 billionaires.

India added six billionaires, taking its total to 55, "but the average net worth ... is huge -- $4.5 billion for an Indian billionaire versus $2.5 billion for a Chinese billionaire," said Forbes Chief Executive Steve Forbes.

Russia's billionaire growth was attributed to a commodities boom. Brazil's increase came from stricter disclosure rules and a stronger currency. In China and India, strong economies helped create billionaires from a range of industries.

"The bottom line is BRICs, commodities and Asia Pacific," Forbes told a news conference on Wednesday. "There is a global commodities boom. But as we should have learned ... commodities can go up very sharply, they can go down very sharply."

The Reuters Jefferies CRB commodities index rose 17 percent last year and is up another 8 percent this year as copper and gold hit record highs, grains are near their 2008 peaks and, most recently, oil surged beyond $100 a barrel.

Brazil, Russia, India and China produced half the world's 214 new billionaires, double last year's 97 newcomers. The Asia Pacific was home to 105 newcomers, three-quarters of whom earned their fortunes from stakes in public companies.

Around the world, the top industries for producing new billionaires were energy, fashion and retail, manufacturing, finance and diversified, Forbes said.

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