Forbes, an American publishing and media company said in its annual rich list that Reliance Industries Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the Richest Indian in the world.
Mittal, who has moved to second position with a net worth of USD 20.5 billion (rpt) USD 20.5 billion, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at USD 12.5 billion.Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of USD 7.9 billion and USD 7.8 billion, respectively.
The magazine said that the combined net worth of India's 40 richest has declined by 60% due to weak stock markets and depreciating rupee against the greenback.
"These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation," Forbes Asia said in a statement.
While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollar was needed to make to the list this year, 840 million dollar less than last year.
The list says the major loser was property tycoon Ramesh Chandra, whose net worth dropped by 91 per cent to USD 1 billion.
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