The combined assets of India’s 100 wealthiest people slumped to $241 billion from $300 billion a year ago, the magazine said on its website.
The 54-year-old Ambani, chairman of Reliance Industries Ltd. (RIL) that owns the world’s biggest refining complex, topped the list for 4th straight year. His net worth dropped 16 percent to $22.6 billion, according to Forbes.
The rupee lost 9.7 percent this year as investors dragged funds out of emerging markets on dimming global economic prospects. The BSE India Sensitive Index of local shares skim 15.7 percent this year as the central bank boosted interest rates 7 times to a 3-year high to fight inflation, boosting borrowing costs for businesses.
Mukesh Ambani’s younger brother, Anil, was the biggest loser in dollar terms, with $7.4 billion less than previous year. He failed to make the top 10 for the first time since his 2004 debut, according to Forbes.
ArcelorMittal (MT) Chairman Lakshmi Mittal was the 2nd- richest Indian with $19.2 billion, down 26 percent from a year earlier. Wipro Ltd. (WPRO) Chairman Azim Premji ranked third with a net worth of $13 billion after donating $2 billion of shares to a trust in December to fund philanthropic ventures.
Brothers Shashi and Ravi Ruia, whose Essar Group has interests in oil refining, steel and power generation, were in the 4th place with $10.2 billion.