Indian business owners have been among the worst hit this year
The cat is out of the bag, while many Indian tycoons would have wished it stayed inside! While they have hitherto been shouting from the roof tops that the global meltdown has not impacted their enormous wealth; the testimony to that – the Forbes World Billionaires list, elucidates just the converse. Out of the total 53 Indian moguls who made it to the list last year, only 24 could hold on. Mukesh Ambani, who slipped two positions down, surpassed the steel magnate Lakshmi Mittal (currently at number 8, was at number 4 last year) and sat perched at the fifth slot as richest Indian with net worth of $19.5 billion.
Anil Ambani, the biggest gainer in 2008, was the worst hit this time, after losing $31.9 billion in net worth. At the 34th position, his current fortune stands at a relatively modest $10.1 billion. Says Hitesh Agrawal, Head of Research, Angel Broking, “His (Anil Ambani’s) fortunes are directly correlated to the stock market... recovering all the lost sheen in 2009 for ADAG Group seems unlikely.” While Lakshmi Mittal saw his personal fortune dwindling from $25.7 billion in 2008 to mere $19.3 billion in 2009; DLF’s K. P. Singh, too, witnessed his wealth being gnawed down by $25 billion.
The cat is out of the bag, while many Indian tycoons would have wished it stayed inside! While they have hitherto been shouting from the roof tops that the global meltdown has not impacted their enormous wealth; the testimony to that – the Forbes World Billionaires list, elucidates just the converse. Out of the total 53 Indian moguls who made it to the list last year, only 24 could hold on. Mukesh Ambani, who slipped two positions down, surpassed the steel magnate Lakshmi Mittal (currently at number 8, was at number 4 last year) and sat perched at the fifth slot as richest Indian with net worth of $19.5 billion.
Anil Ambani, the biggest gainer in 2008, was the worst hit this time, after losing $31.9 billion in net worth. At the 34th position, his current fortune stands at a relatively modest $10.1 billion. Says Hitesh Agrawal, Head of Research, Angel Broking, “His (Anil Ambani’s) fortunes are directly correlated to the stock market... recovering all the lost sheen in 2009 for ADAG Group seems unlikely.” While Lakshmi Mittal saw his personal fortune dwindling from $25.7 billion in 2008 to mere $19.3 billion in 2009; DLF’s K. P. Singh, too, witnessed his wealth being gnawed down by $25 billion.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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