Fall Of The Billionaires

Forbes Asia’s rankings of the 40 richest Indians found that their net worth declined by $212 billion, to $139 billion, from $351 billion one year ago, precipitated principally by a decline in the Indian stock market, which lost almost half its value this year.

Steel tycoon Lakshmi Nivas Mittal, who lost $30.5 billion in the past year, slipped to second place behind Reliance’s Mukesh Ambani, who lost $28.2 billion, but nonetheless is now the richest Indian. His estranged brother Anil Ambani was the biggest individual loser, with $32.5 billion of his fortune wiped out.

Forbes Asia said: “These are painful times for India’s richest as the ongoing global turmoil drastically reshapes their fortunes.”