India's Richest Got Much Poorer Since 2010

India’s 100 richest people are collectively almost 20% poorer than they were last year, said Forbes magazine Thursday. Their combined wealth fell from $300 billion in 2010 to just $241 bil. this year.

The top 10 richest people suffered even more, losing 25% of their wealth, from $150 bil. in 2010 to a mere $113 bil. in 2011. The ranks of billionaires have thinned too, from 69 to 57.

Factors blamed for this decline are falling stock prices, corruption scandals and the effects of the global slowdown in growth.

Even Mukesh Ambani, chairman of Reliance Industries — India’s most valuable company — lost $4.4 bil., bringing his net worth down to $22.6 billion. But he spent a billion of that to build a 27-story house in Mumbai to show that he remains India’s top tycoon.

Ambani’s younger brother Anil was the list’s biggest loser. His net worth plunged by over half from $13.3 bil. to $5.9 bil. as his Reliance Group posted some of the year’s worst results.

Lakshmi Mittal, head of ArcelorMittal, was second with a net worth of $19.2 billion.

In third place was Wipro chairman Azim Premji with a net worth of $13 billion. Surprisingly for a nation known for its IT prowess, Premji was the sector’s sole representative in the top 10.

India’s richest woman is Savitri Jindal, head of Jindal Steel and Power with a net worth of $9.5 bil. that puts her in fifth place. She is one of only five women among India’s 100 richest.

Foremost among the list’s debutantes are founders of budget airline IndiGo, Kapil Bhatia and his son Rahul, and Cafe Coffee Day chain founder V.G. Siddhartha with a net worth of $595 million.

India’s biggest winner in terms of percentage gain was Brijmohan Lall Munjal, head of HeroMoto Corp. which makes two-wheel vehicles. The end of a 26-year partnership with Honda Motors caused his net worth to jump to $2.7 billion. Sales of two-wheelers have been rising as car sales drop due to rising interest rates.