The ongoing global financial crisis has adversely impacted the billionaires of India as per the recent 40 billionaires list compiled by prestigious Forbes magazine. Net worth of Indian billionaires was $351 billion a year ago and now it has declined to $139 billion with loss of $212 billion.
The volatile condition of Indian stock market, depreciation of Rupee against US dollar and instability of demand supply chain, caused huge losses to Indian billionaires. Stock prices fell nearly 50 percent from January while Rupee depreciated nearly 24 per cent against US dollar, which shaved off almost 60 per cent wealth of the richest Indians.
Meanwhile, Mr Mukesh Ambani of Reliance Industries, has become the richest Indian in the world. He displaced steel giant and chairman of London-based ArcelorMittal, L N Mittal to second position. Mr. Mittal suffered huge loss of USD 30.5 billion and secured second slot in Forbes list.
Malvinder and Shivinder Singh are only billionaires who added to their wealth. They recently sold their 34 per cent stock in Pharmaceutical major Ranbaxy Laboratories to Japanese drug maker, Diacchi.
Mumbai has the highest number, at eight billionaires in top 20, while Delhi got second place with its billionaires Sunil Mittal, Kushal Pal Singh, Ms Savitri Jindal, Malvinder and Shivinder Singh, Shiv Nadar and Indu Jain.
