Mukesh pips L N Mittal to become richest Indian

Reliance Industries' Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth
of $20.8bn, Forbes said in its annual rich list for the country. ( Watch )

Mittal, who has moved to second position with a net worth of $20.5bn, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at $12.5bn.

Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of $7.9bn and $7.8bn, respectively.

The magazine said that the combined net worth of India's 40 richest has declined by 60% due to weak stock markets amid depreciating rupee against the greenback.

Their total wealth is now $139bn, down from $351bn just a year ago, according to Forbes India Rich List.

"These are painful times for India's tycoons. The country'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," 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 dollar was needed to make to the list this year, 840 million dollar less than last year.

The Ruia brothers were ranked at sixth position with a net worth of $7.6bn, followed by Wipro Chairman Aziz Premji, worth $7bn.

The magazine states that the combined net worth of brothers Malvinder and Shivinder Singh increased by $550m, thereby grabbing 13th place on the list.

Their combined net worth stood at $2.8bn after they sold their stake in Ranbaxy Laboratories to Daiichi Sankyo.

The list says the major loser was property tycoon Ramesh Chandra, whose net worth dropped by 91% to $1bn.

Among the new entrants in the list are retailer Micky Jagtiani at 16th position with a net worth of $2bn, followed by Divi's Laboratories' founder Murali Divi at 36th place with a net worth of $870m. Also Akruti City's Hemant Shah stood at 37th place with a wealth of $830m.