A year can make a lot of difference. In the last Forbes magazine survey of March 2008, Indian billionaires were proliferating. This was a result of a soaring stock market and a booming economy. These billionaires had a collective wealth of $335 billion.

Now India, though still having a good domestic market, has been affected by a slowdown in global demand. In the quarter ending December 2008, GDP (Gross Domestic Product) grew by 5.3%. It was 9% the previous year. The depreciating Rupee along with the declining stock market were contributing factors. Of last year’s 54 billionaires, this year the number was down to 24.

Now China has more billionaires than India, though the combined wealth of the Indian billionaires surpasses their Chinese counterparts. This year only 4 Indians are among the world’s richest.

Changes in wealth and who is a billionaire often happen even in good times. With the world undergoing severe economic change, the number of billionaires in India was bound to change. Presently, the Indian economy is having an economic resurgence, as is most of Asia. Expect the Indians to again move up in the category of billionaires. With new Indian innovations coming on, especially in the automotive sector, Indian billionaires are poised to make a resurgence.