The Not-so-Riches of India

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