November 21st, 2008 
Tushar Mathur
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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.
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.
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.
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.
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