The Not-so-Riches of India

Previous PostCelebrity Living: Ronald Meyer
Next PostNo Recession For Justin Timberlake and Jessica Biel’s Desire


More dire news about the world markets. Less than two months after Haute Living dedicates its Florida edition to the Riches of India, Forbes publishes a report that the wealthiest Indians-many of whom we profiled in the issue’s cover article-have lost what totals to 60% of the combined fortunes of the nation’s 40 wealthiest individuals. Their total net worth fell from $212 billion to $139 billion, down from $351 billion a year ago.

No one was hit harder by the country’s-and the world’s-falling stock markets than Lakshmi Mittal, who was the wealthiest man in India and the fourth wealthiest man in the world. Because in recent months, he has hemorrhaged some $30.5 billion due to plunging steel prices. Mukesh Ambani now holds the rank of the wealthiest Indian, despite losing $28.2 billion in the past year. His estranged brother, Anil, (ranked the third wealthiest in the country) lost $32.5 billion.

K.P. Singh, also included in our profile, lost $27.2 billion since Forbes last published the listing, but has lost an unfathomable $39 billion since his DLF stock peaked last January.  Forbes states that 33 of the 34 individuals on the ranking of India’s richest are now at least 20% poorer than they were a year ago.

Unfortunately, six people dropped off Forbes list entirely, including Vijay Mallya, who appears on the cover of our Indian-themed edition. It seems his Kingfisher Airline is experiences some major losses. Of the 40 listed last year as billionaires, only 27 are still in that elite group.

Via Forbes

connect with haute living National