Nepal got its first billionaire as entrepreneur Binod Chaudhary and his family made it to the list of the world's billionaires 2013 published by the Forbes Magazine of the United States.

Chaudhary's net worth is 1 billion US dollars and has been named as the 1342nd richest individual in the world, according to the magazine which publishes the billionaires' list every year.

The magazine has also placed Chaudhary as one of the 21 " notable newcomers" among those making debut onto the list.

Chaudhary, 57, is chairman of reputed Chaudhary Group of Industries, while his three sons help him in his work. His eldest son, Nirvana sees domestic business, while his two other sons, Rahul and Varun, are based in Singapore and take charge of Asia- Pacific business.

Chaudhary has diversified businesses from the production of instant noodles to an international chain of hotels and financial companies.

He established himself about two and a half decades ago with the introduction of Wai Wai brand of instant noodles. The brand is quite popular and holds No. 1 position in Nepal's noodles market.

"It is a proud moment not only for me, but for all my corporate friends and Nepali people. Nepal's corporate sector has now come forward in the global arena. It has raised our self-esteem," said Chaudhary.

"I have come across many hurdles to reach this place. I have struggled a lot. I urge the government to create a favorable environment so that hundreds of billionaires will emerge in Nepal without much struggle," he added.