Shanghvi, ranked seventh, is the only Indian on the list with a net worth of $13.5 billion, while Li Ka-Shing topped the chart with a fortune of $29.4 billion, ultra high net worth (UHNW) intelligence and prospecting firm Wealth-X said.
Shanghvi founded Sun Pharmaceuticals in 1983 with five psychiatry products and a marketing team of just two persons.
Over the years, the company grew manifold and made many acquisitions, the latest being the $4 billion Ranbaxy deal .
He is also the Chairman and Managing Director of Sun Pharma Advanced Research Company and Shantilal Shanghvi Foundation.
The overall list was dominated by the Chinese, as the combined wealth of the seven individuals from Hong Kong and mainland
China stood at $128.7 billion, nearly 70 per cent of the total wealth of the 10 men on the list.
"Asia is still at the early stages of a 150 year cycle of wealth creation, and we expect wealth in the region will be extremely dynamic in the years to come," Wealth-X CEO Mykolas Rambus said.
He added: "China will continue to dominate the Asian economic landscape and the wealth of China's ultra-high net worth population will increase at a rapid clip."
Combined wealth of Asia's top ten self-made billionaires jumped 52 per cent to $169.9 billion as of March 31, 2014 from $112 billion last year.
Others on the list include Lee Shau Kee of Hong Kong at the second position with net worth of $22.8 billion, followed by Lui Che Woo (Hong Kong, $21.1 billion) and Wang Jianlin (China, $16.6 billion) in the second and third place, respectively.
Masayoshi Son of Japan was ranked fifth on the list with a fortune of $16.4 billion, Robert Kuok of Hong Kong (6th, $15 billion), Ma Huateng of China (8th, $13.2 billion), Charoen Sirivadhanabhakdi of Thailand (9th, $11.3 billion) and Li Hejun of China (10th, $10.6 billion).