Indian tycoons tumble out from Forbes billionaire list | business | Hindustan Times
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Indian tycoons tumble out from Forbes billionaire list

business Updated: Mar 12, 2009 21:35 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The richest Indians lost more on a slippery ground in the Forbes Billionaire list released this month. While 332 individuals worldwide could not make it again to the list of billionaires this year bringing down the number of billionaires measured in US dollars from 1,125 in 2008 to 793 now, Indians topped the list of biggest losers by net worth and many of them even lost their billionaire status.

The wealth is largely based on the market value of shares, which have been knocked down by a worldwide economic slump.

In a close contest of ‘who lost less,’ Bill Gates who ranked third a year ago surpassed Warrant Buffet and Carlos Slim Helu after losing $7 billion less than the first two.

In the top 10 list, Amancio Ortega and Lawrence Ellison emerged as the most stable holders to their wealth as they lost only 9 and 10 per cent of their net worth respectively.

Only two Indians, Mukesh Ambani and LN Mittal could make it to the elite club of top ten but not before losing two and four positions respectively in the list. Anil Ambani and KP Singh could not retain their position in the top ten that they held a year ago.

The younger Ambani emerged as the biggest loser in the list as his networth dropped by $31.9 billion and he managed to retain 34th position after falling 28 steps. LN Mittal emerged as the next big loser with a drop in networth of $ 25.7 billion. Warren Buffet, Carlos Slim and KP Singh lost $25 billion each.

While there were 10 Indians in the top 100 previous year, only six could make it to the list this time around. Kumar Mangalam Birla, Ramesh Chandra and Gautam Adani along with KP Singh failed to make it into the list.

A number of Indians even lost their billionaire status over the past one year. Prominent among them are- Naresh Goyal of Jet Airways, Ramesh Chandra of Unitech and Nimesh Kampani of JM Morgan Stanley.