Topped by 84-year-old Robert Kuok who has diverse business interests, the latest list has ranked India-origin Vinod Sekhar at the 16th place with fortunes to the tune of 320 million dollars.

According to the magazine, the total net worth of the top 40 people in the country is 46 billion dollars, up three billion dollars from last year. "But that figure is skewed by strong gains by three tycoons who are up a combined 4.9 billion dollars," it pointed out.

At the second spot is Ananda Krishnan who runs the telecom firm Maxis, with a net worth of 7.2 billion dollars and Lee Shin Cheng placed third in the list, having fortunes of 5.5 billion dollars.

Maxis which became a private firm in leveraged buyout in 2007 has 74 per cent stake in India's telecom operator Aircel.

Noting that 40-year-old Sekhar runs Petra Group, named after his daughter, Forbes said the company is best known for its Green Rubber Global, which has a patented process to devulcanise used rubber, so that it can be recycled.

"Plans to list Green Rubber in London last year were delayed. Fortune down a bit due to more conservative valuation of other holdings. Forbes family members and Mel Gibson are minor shareholders," the magazine said.

Net worths for people with publicly traded fortunes were calculated with share prices and exchange rates from May 9.

For privately held fortunes, the magazine said it used database company BRIS and other sources to estimate what companies and assets were worth if public.

Kuok's business interests include Hong Kong property and media. "Most valuable is his holding in palm oil giant Wilmar International, run by nephew Kuok Khoon Hong, into which he merged his plantation and agribusiness last year. Has stake in Transmile Group, air cargo outfit whose subsidiary defaulted on 10 million dollars loan in May," Forbes said.

Further, 2008's biggest gainer was Kuok with his fortune jumping to 10 billion dollars from 2.4 billion dollars whereas Lee Shin Cheng added 1.9 billion dollars to his fortune.

The report noted that both businessmen got boosts from their holdings in palm oil producers Wilmar International and IOI, respectively.

However, the magazine pointed out that individuals needed only 100 million dollars to make into 2008's richest list, which is down from 127 million dollars in 2007.