Times are tough, and it`s showing the richest Indians are now poorer by 60% than a year ago thanks to the global financial meltdown, the falling stock markets and slow down in gross domestic product growth rate to 7.5%.
The total net worth of 40 richest Indians now stands at USD 139 billion from USD 351 billion as per the Forbes list of Richest Indians.
Leading the pack is Mukesh Ambani who is the largest shareholder in India`s largest private company Reliance Industries. The second spot was grabbed by UK based NRI steel tycoon Lakshmi Mittal who lost over USD 30.5 billion due to plunging steel prices. The third place went to Anil Ambani, Chairman of ADAG group who owns Reliance Capital, Reliance Communication and Reliance Infrastructure as well as Reliance Natural resources after the split between the two Ambani brothers.
Telecom czar Sunil Mittal whose family owns Bharati Airtel and Bharati was at the fourth spot. Real estate fortunes were among those hit the hardest. KP Singh lost USD 27.2 billion managing to keep the fifth spot.
Tulsi Tanti and his brother lost 91% of their fortune, amid reports about the poor quality of Suzlon`s wind blades and property tycoon Ramesh Chandra`s net worth dropped 91% to USD 1 billion. Realty firm Unitech owned by him lost half its market capitalization in one day last month.
Thirty-three of the 34 tycoons who returned to ranking of India`s richest are at least 20% poorer than they were a year ago.
Source:In.com
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