Reliance Industriesâ€™ Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of $20.8 billion, Forbes said in its annual rich list for the country.
Mittal, who has moved to second position with a net worth of $20.8 billion, is followed by Mukeshâ€™s younger brother Anil Ambani, whose wealth stood at $12.5 billion.
Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of $7.9 billion and $7.8 billion, respectively.
The magazine said that the combined net worth of Indiaâ€™s 40 richest has declined by 60% due to weak stock markets amid depreciating rupee against the greenback.
Their total wealth is now $139 billion, down from $351 billion just a year ago, according to Forbes India Rich List.
â€œThese are painful times for Indiaâ€™s tycoons. The countryâ€™s once soaring stock market fell 48% the past year, the rupee depreciated 24% against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation,â€ Forbes Asia said in a statement.
While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of $760 million was needed to make to the list this year, $840 million less than last year.