According to Forbes, India's richest people are getting poorer due to a fall in stock prices, corruption scandals and a global economic slowdown. The total value of the country's 100 wealthiest individuals is down to $241 billion this year. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, is the richest, with a value of $22.6 billion.
He holds on to top position, despite a $4.4 billion drop in his net worth. In addition, he has recently completed construction of a 27-storey house in Mumbai, which cost him a reported $1 billion. Ironically, one of the biggest losers on Forbes' list was his younger brother, Anil Ambani. His net worth went down from $13.3 billion to $5.9 billion.
Top 5 of the Forbes India Rich List
1. Mukesh Ambani (Chairman and Managing Director of Reliance Industries); Net worth - $22.6 billion
2. Lakshmi Mittal (Chairman and Chief Executive Officer of ArcelorMittal); Net worth - $19.2 billion
3. Azim Premji (Chairman of Wipro Limited); Net worth - $13 billion
4. Shashi and Ravi Ruia (Chairman and Vice-Chairman, respectvively, of the Essar Group); Net worth - $10.2 billion
5. Savitri Jindal (Non-executive chairperson of Jindal Steel and Power Ltd); Net worth - $9.5 billion
The others in the list include Kumar Mangalam Birla of the Aditya Birla Group conglomerate, Adi Godrej of the Godrej Group and construction tycoon Pallonji Mistry.