Anil Ambani tops billionaire blowups of 2008
While several dozen have lost more than $5 billion, the 10 richest have lost about $150 billion.
By PTI |
NEW YORK: Industrialist Anil Ambani continues to be on the focus of US magazine Forbes but this time around for topping the list of 'Billionaire Blowups of 2008' by virtue of turning the biggest loser of wealth in less than a year of being touted as the biggest gainer in the world.
Besides ranking him as sixth richest person in the world with a net worth of 42 billion dollars, Forbes had credited him for having added maximum wealth in its last annual rankings in March.
Since then, his net worth has declined to 12 billion dollars, the magazine said in a news report titled "Billionaire Blowups of 2008".
"The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added 24 billion dollars to his fortune in one year, Ambani has dropped 30 billion dollars since then," the report said.
The report further added that three of "his fellow countrymen--estranged brother Mukesh, steel tycoon Lakshmi Mittal and Indian K P Singh, all of whom ranked earlier among the world's 10 richest--lost more than 20 billion dollar apiece."
Noting that 2008 was "a dreadful year for the world's wealthiest as markets and currencies around the world tumbled," Forbes said that over 300 of the 1,125 billionaires have lost at least one billion dollars since March.
While several dozen have lost more than five billion dollars, the 10 richest from annual 2008 rankings have lost about 150 billion dollars.
This is primarily driven by steel tycoon Lakshmi Mittal, estranged brothers Mukesh and Anil Ambani and property baron K P Singh together losing 100 billion dollars.
Besides ranking him as sixth richest person in the world with a net worth of 42 billion dollars, Forbes had credited him for having added maximum wealth in its last annual rankings in March.
Since then, his net worth has declined to 12 billion dollars, the magazine said in a news report titled "Billionaire Blowups of 2008".
"The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added 24 billion dollars to his fortune in one year, Ambani has dropped 30 billion dollars since then," the report said.
The report further added that three of "his fellow countrymen--estranged brother Mukesh, steel tycoon Lakshmi Mittal and Indian K P Singh, all of whom ranked earlier among the world's 10 richest--lost more than 20 billion dollar apiece."
Noting that 2008 was "a dreadful year for the world's wealthiest as markets and currencies around the world tumbled," Forbes said that over 300 of the 1,125 billionaires have lost at least one billion dollars since March.
ADVERTISEMENT
While several dozen have lost more than five billion dollars, the 10 richest from annual 2008 rankings have lost about 150 billion dollars.
This is primarily driven by steel tycoon Lakshmi Mittal, estranged brothers Mukesh and Anil Ambani and property baron K P Singh together losing 100 billion dollars.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
