Indian businessman Anil Ambani has been revealed as the biggest loser on the 2009 Forbes World Billionaire list, losing $31.9bn over the past 12 months.
India's economy, although driven by domestic demand, hasn't been immune to the global slowdown. In the quarter ending December 2008, Gross Domestic Product grew by 5.3%, down from 9% the previous year.
Four Indians were among the world's top 10 richest in 2008, worth a combined $160 billion. Today, that same foursome is worth just $54 billion. Mukesh Ambani and Lakshmi Mittal still managed to hold on to their spots at Nos. 7 and 8, respectively. The same can't be said for Anil Ambani, who lost $32 billion this past year, more than any other billionaire in the world, or K.P. Singh, briefly the world's richest real estate baron, who lost $25 billion and is now ranked No. 98, worth $5 billion.
Not surprisingly, India's richest are facing a major reality check. A volatile stock market that dropped 44% in the past 12 months and a depreciating rupee, which fell about one-fifth against the dollar, sent their fortunes tumbling.
India's economy, although driven by domestic demand, hasn't been immune to the global slowdown. In the quarter ending December 2008, Gross Domestic Product grew by 5.3%, down from 9% the previous year.
Four Indians were among the world's top 10 richest in 2008, worth a combined $160 billion. Today, that same foursome is worth just $54 billion. Mukesh Ambani and Lakshmi Mittal still managed to hold on to their spots at Nos. 7 and 8, respectively. The same can't be said for Anil Ambani, who lost $32 billion this past year, more than any other billionaire in the world, or K.P. Singh, briefly the world's richest real estate baron, who lost $25 billion and is now ranked No. 98, worth $5 billion.
Not surprisingly, India's richest are facing a major reality check. A volatile stock market that dropped 44% in the past 12 months and a depreciating rupee, which fell about one-fifth against the dollar, sent their fortunes tumbling.
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