The functions file doesn’t have the option to specify the number of tags and I suppose it uses the top 45 as per WordPress Default. Using the code below, I pasted it at the VERY END of the functions.php file and I now can display top 60 tags:
/*********************************************************
* Limit the number of tags displayed by Tag Cloud widget *
*********************************************************/
add_filter( 'widget_tag_cloud_args', 'tj_tag_cloud_limit' );
function tj_tag_cloud_limit($args){
// Check if taxonomy option of the widget is set to tags
if ( isset($args['taxonomy']) && $args['taxonomy'] == 'post_tag' ){
$args['number'] = 80; // Number of tags to show
}
return $args;
}