India’s richest end up poorer by 60%

Latest Forbes list of 40 richest Indians finds that their total wealth has shrunk from last year’s $351 bn to just $139 bn due to weak stock markets and rupee

Sliding stock markets have taken their toll on the much-vaunted personal wealth of India’s richest citizens.

In fact, according to global business magazine Forbes’ annual rich-list for the country, the combined net worth of India’s 40 richest has declined by 60 per cent due to weak equity markets and a volatile rupee that lost much ground this year against the dollar.

In addition to shrinking net-worths of the top captains of India Inc (their combined wealth is now $139 billion, down from $351 billion just a year ago), these factors also caused a major shake-up in the rankings itself.

For one, Reliance Industries’ Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of $20.8 billion to Mittal’s $20.5 billion.

They are followed by Mukesh’s younger brother Anil Ambani, whose wealth stands at $12.5 billion.

Telecom czar Sunil Mittal and realtor KP Singh are ranked fourth and fifth with $7.9 billion and $7.8 billion, respectively.

Source: Mumbai mirror