Forbes' Top 40 richest Indians

13 November 2008

India's 40 richest are a poorer lot now with a plunging stock market and a global financial crisis knocking 60 per cent off their combined fortunes. A Forbes estimate says the total net worth of India's Top 40 fell $212 billion, to $139 billion, down from $351 billion a year ago.

The decline in fortunes comes even as the country's stock market fell 48% over the year and the national currency depreciated 24% against the dollar. The Top 40 have also faced double-digit inflation for the best part of  the year and are now up against a declining gross domestic product growth rate.

Last year's No. 1, UK resident Lakshmi Mittal, shed $30.5 billion in value and slipped to the No. 2. slot behind Mukesh Ambani, who occupies the top spot for the first time. He does so after losing $28.2 billion over the past year.

His younger brother, Anil, is ranked third, down $32.5 billion.

Anil Ambani is followed by Kumar Mangalam Birla ($4 billion), Gautam Adani ($3.9 billion), Malvinder and Shivinder Singh ($2.8 billion), Uday Kotak ($1.55 billion), Anurag Dikshit ($1.25 billion) and Kalanidhi Maran ($1.2 billion).

Compared to the previous year, thirty-three of the 34 tycoons who return to the list are at least 20% poorer. The odd couple out are the owners of Ranbaxy Laboratoires, brothers Malvinder and Shivinder Singh, who sold their 34% stake in the generic drug firm to Japan's Daiichi Sankyo at a hefty premium adding $550 million to their combined wealth.