India's rich lose 60pc of their fortune as stocks dive: Forbes
The fortunes of India's wealthiest have been slashed by more than 60 percent due to the global financial crisis which has sharply pulled down stock markets, according to a new rich list.
Forbes magazine put Mukesh Ambani, chairman of India's largest private sector firm Reliance Industries, as the country's wealthiest man, with a net worth of 20.8 billion dollars after losing 28.2 billion dollars in the past year.
He overtakes London-based steel tycoon Lakshmi Mittal who topped the list for the past four years. His net worth was 20.5 billion dollars after dropping 30.5 billion dollars on plunging steel prices.
The combined net worth of all 40 individuals on the list fell 60.3 percent to 139 billion dollars from 351 billion dollars, the magazine said.
Mukesh's younger brother Anil, who heads Reliance's telecom, power utilities and financial services businesses, was third on the list with a total wealth of 12.5 billion dollars after losing 32.5 billion dollars.
Comments