Lakshmi Mittal is no longer the richest Indian in the world. According to the latest list out by Forbes, that position now goes to Mukesh Ambani (photo). But the global financial crisis has hit the subcontinent hard — with the wealthiest Indians being 60 per cent less wealthy than they were a year ago. Naazneen Karmali has the story in Forbes.
These are painful times for India’s richest as the ongoing global turmoil drastically reshapes their fortunes. The country’s once soaring stock market fell 48% in the 12 months, the rupee depreciated 24% against the dollar and gross domestic product growth is expected to slow down to 7.5%, partly owing to double-digit inflation.
All of this conspired to knock 60% off the combined fortunes of the nation’s 40 wealthiest. Their total net worth fell $212 billion, to $139 billion, down from $351 billion a year ago.
Last year’s No. 1, U.K. resident Lakshmi Mittal, dropped $30.5 billion amid plunging steel prices, but he slips only a bit, to No. 2. Mukesh Ambani, who oversees petrochemicals giant Reliance Industries, grabs the top spot for the first time, despite losing $28.2 billion in the past year. His estranged brother, Anil, ranked third, is the biggest dollar loser, down $32.5 billion.
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