Billionaires refer to individuals with net assets of USD 1 billion or more.
Other countries that are expected to create significant number of billionaires over the next decade include Russian Federation (142), United Kingdom (113), Germany (90) and Hong Kong (78).
Globally, there are 2,252 billionaires at present, and this number is expected to increase to 3,444 by 2027.
In terms of "total wealth" -- the private wealth held by all the individuals living in each country -- India is the sixth wealthiest country in the world with a total wealth of $8,230 billion.
The US is the wealthiest country in the world with a total wealth of $62,584 billion, followed by China ($24,803 billion) and Japan ($19,522 billion).
Factors that will help in wealth creation in India include, large number of entrepreneurs, good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors which will result in a 200 per cent rise 10-year wealth growth forecast, according to the report.
Meanwhile, global wealth is expected to rise by 50 per cent over the next decade, reaching $321 trillion by 2027.