The top five wealthiest billionaires in India control nearly half that country’s billionaire wealth, a new study says.

With India preparing to mark its 68th independence day this week, the democratic society has been good for the country’s wealthy, according to a study from Wealth-X.

India’s top five individual billionaires

The top five individual billionaires have a net worth of $85.5 billion (US), which accounts for 47.5 percent of India’s total billionaire wealth.

India's wealthy individuals

The total net wealth in India is estimated at $5 trillion (US).  A separate study published in the Guardian nearly a month ago said that the ranks of India’s wealthy could quadruple their net worth in the coming four years.

Indian citizens worth has grown by over 15%

In the face of an economic slowdown, Indian citizens worth more than $3.75 million (US) has grown by over 15 percent than compared to one year ago, a report for the Kotak Mahindra bank notes.

“Cities are mushrooming, the middle class population growing, opportunities have increased manyfold and the political environment has improved greatly in recent months,” according to Murali Balaraman, a co-author of the report.

Indian billionaires’ net worth and interests

At the head of the list of Indian billionaires is Mukesh Ambani, worth $24.4 billion (US) and head of Reliance Industries.  While they got their start in oil and gas, Reliance is among the most dominate players in Indian society and has expanded its reach to include financial services.  India has an active derivatives market and in particular single stock futures have thrived in the region. The financial services arm of Reliance was in discussions with US derivatives brokerage firms on expansion recently, but those talks were said to have lost steam due to Indian regulations restricting certain types of investments and trading products.

Like flamboyant US billionaires who lavishly spend on professional sports teams, in his free time Ambani plays with his toy, the Mumbai Indians, a professional cricket  team in the Indian Premier League (IPL) reported to be the leagues most valuable team at nearly $112 million (US).

Number two on India’s top billionaire list is Lakshmi Mittal, the steel scion of ArcelorMittal SA (ADR) (NYSE:MT) (AMS:MT), with a net worth of $17.2 billion (US). When he’s not generating revenue from the world’s largest steel conglomerate, Mittal, like Ambani, likes to play with his toy, the Queens Park Rangers Football Club, where he owns a 33 percent stake.

When considering India’s top wealthy with over $3.75 million (US) in assets, India’s “Richie rich club,” as the Guardian described them, have a net worth of one trillion dollars, which is expected hold assets worth a trillion dollars, which is expected to grow to $4 trillion (US) in four years.