Asia is booming and there are hard facts to prove it. According to the Forbes report on Asia’s youngest billionaires,  the region is home to the world’s fastest growing population of the wealthy. According to the World Wealth Report, the population of China’s millionaires jumped 20 percent last year. The billionaire population grew even faster. The March Forbes‘ list included 42 Chinese billionaires, up from 20 the previous year. Keeping pace are Indian millionaires who’s presence jumped 23 percent last year. The billionaire count soared to 53 from 36 the previous year.

Also worthy of note, is that India’s four riches billionaires worth a gross of US$180 billion together are worth more than China’s 40 wealthiest individuals. Nonethless, the rich are growing richer faster in China than in India – China’s richest person, Yan Huiyan, is worth US$16.2 billion, seven times the net worth of last year’s No. 1, Wong Kwong Yu.

Adding to Asia’s booming billions, 13 Chinese, 10 Indian, 6 Taiwanese, 5 Kong Kong and 3 Japanese companies made it to this years list of Forbes Asia-Pacific top 50 companies in 2008. Included in this list are also a handful of Thai, Indonesian, Philipino, Malay, South Korean and Australian companies. While, some of the companies have been in the list since the past 2-3 years.  This year saw 23 newcomers including Chinese firms like Gome and Sunning – consumer electrical stores and Sinopec China’s second-largest oil refiner.

Buoyed by neighboring China’s ascent to the top, the presence of Taiwanese and Hong Kong companies has risen in the list, while the presence of Indian and Japanese companies has taken a dive.  Spurred by Asia’s intense urge to grow, technology, commodity and engineering companies still significantly dominate the Forbes list, while internet, telecom and banking services companies also have a sizeable presence.

However, the list to look out for is the Forbes Bakers Dozen – 13 of Asia-Pacific’s companies  to watch out for. The list which has a healthy mix of companies from emerging Asia suggests cement, coal, banking, telecom and steel as the sectors which will continue to fire Asia’s growth.