Reliance Industries’ Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of $20.8 billion, Forbes said in its annual rich list for the country.Mittal, who has moved to second position with a net worth of $20.5 billion, is followed by Mukesh’s younger brother Anil Ambani, whose wealth stood at $12.5 billion.Bharti’s Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of $7.9 billion and $7.8 billion, respectively.
The magazine said that the combined net worth of India’s 40 richest has declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback.
Their total wealth is now $139 billion, down from $351 billion just a year ago, according to Forbes India Rich List.
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.
Vijay Mallya, who heads United Breweries and Kingfisher Airlines, dropped off the rich list this year, as did Avantha Group chairman Gautam Thapar, who runs the country’s largest paper maker BILT.
Other notable absentees from this year’s list, based on stock prices and exchange rates of November 3, were realty firm HDIL founder Rakesh Wadhawan, Oberoi Constructions MD Vikas Oberoi, former Thermax chairperson Anu Aga and Lanco Infratech chairman L Madhusudhan Rao.