Combined wealth of 100 richest Indians drops

With falling stock prices and corruption scandals hitting the third-largest economy in Asia, India's richest are taking a hit, as a global slowdown knocked off 20 per cent off the total value of the country's 100 wealthiest people over the last year.

Mukesh Ambani, Reliance Industries' chief, India's most valuable company, retained his position at the top with a value of $22.6 billion, even as his net worth fell by $4.4 billion.

Over the period, Ambani completed construction of a 27-storey house in Mumbai that cost him an estimated $1 billion.

However, younger brother Ambani came out as the biggest loser with a net worth of $5.9 billion, down from $13.3 billion. His Reliance Group companies had put in dismal performance with some being the worst performers on the Mumbai bourse this year. Telecom firm Reliance Communications, with $7.5 billion in debt was the worst performer among Anil Ambani's companies.

The combined wealth of the wealthiest 100 Indians dropped to $241 billion in 2011, which includes 57 dollar billionaires, a dozen less than a year earlier.

Mukesh Ambani led the top 10, dominated by industrial tycoons, followed by ArcelorMittal chairman Lakshmi Mittal, with a net worth of $19.2 billion.