Mukesh Ambani pips Mittal in Forbes India Rich list

With a net worth of $20.8 billion, Mukesh Ambani has replaced Lakshmi Niwas Mittal as the richest Indian on earth, Forbes said in its annual rich list for the country.

Mittal, who had held the top position for four years, has moved to the second position with a net worth of $20.5 billion, followed by Anil Ambani ($12.5 billion), Sunil Mittal ($7.9 billion) and realtor Kushal Pal Singh ($7.8 billion).

The stock market meltdown in the last one year and the depreciation in the rupee against the dollar have knocked off the combined net worth of the 40 richest Indians by 60 per cent, the magazine said. Their total wealth is now $139 billion, down from $351 billion just a year ago, according to the Forbes India Rich List.

"These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a per cent, in part owing to double digit inflation," Forbes Asia said in a statement.

While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of $760 million was needed to make it to the list this year, $840 million less than last year.

While Vijay Mallya and Gautam Thapar have fallen off the list, there are four new names in it: West Asian retailer Micky Jagtiani, Bollywood film producer Hemant Shah, Yusuf Hamied of Cipla and Hero Group patriarch Brijmohan Lall Munjal.

The wealth erosion was across the board as on an average 33 of the 34 people that returned to the list this year have become poorer by at least 20 per cent, Forbes said.

"Only one fortune from last year's ranks increased, that of brothers Malvinder and Shivinder Singh, who sold their 34 per cent stake in Ranbaxy Laboratories to Japan's Daiichi Sankyo at a hefty premium to its current stock price. They added $550 million to their combined wealth," it added.