There are 101 Indian billionaires in the 2017 Forbes World’s Billionaires list, which takes the Indian tally up from 84 billionaires in 2016 and from 12 in 2005.

“It’s a record number historically. It means every 33 days brought a new Indian billionaire to the list last year,” Fakhri Ahmadov, Managing Director at Ahmadoff & Company, a UK-based wealth advisory firm, says.

According to the World Economic Forum report, India comes fourth in worldwide ranking for countries with the highest number of billionaires, only preceded by the United States in top spot with 565 billionaires, China in second (319) and Germany (114).

The same report attributed India’s growing wealth to the fast increase in consumer retail goods and the redistribution of wealth down billionaire family generations.

Another report by Ahmadoff & Company states that 70% of Indian billionaires are self-made.

“We have always imagined Indian private capital to be in the hands of ‘old wealth’ rather than self-made entrepreneurs.

“However, our research explains that self-made entrepreneurs account for around 65% of the wealth of billionaires and it has been stabilized at this ratio since 2010,” Ahmadov says.

India is enjoying a startup boom, as it is likely to have more than 2000 startups by 2020, the World Economic Forum report adds.