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Indian billionaires' wealth drops, global counterparts' grow

Indian billionaires' wealth drops, global counterparts' grow

The total wealth of billionaires living in India has dropped to $191.5 billion, even as the overall fortune of the elite club globally has grown to a record high of $6.4 trillion.
     
Thanks to a weak economy and decline in the rupee value against the dollar, the collective wealth of India's billionaires' at $191.5 billion was a tad lower than last year's $193.6 billion, even as the number of the super-rich people in the country was 56, one more than 2013.
     
The ranks of the world's billionaires continued to "scale new heights and stretch to new corners of the world".
     
There were as many as 1,645 billionaires with an aggregate net worth of $6.4 trillion, up from $5.4 trillion a year ago. This includes a record 268 new 10-figure fortunes, and 42 new women billionaires.
     
According to Forbes, the US led the world with 492 billionaires thanks to the tech boom and strong stock market, followed by China with 152 and Russia with 111 super rich people.
     
"But wealth is spreading to new places," Forbes said, adding that the latest Forbes list saw inclusion of billionaires for the first time from Algeria, Lithuania, Tanzania and Uganda.
     
Moreover, for the first time, an African, Aliko Dangote of Nigeria, made it to the top 25.
     
Some of the billionaires who saw their fortunes erode in the past year include, Mukesh Ambani, Laxmi Mittal, Sashi and Ravi Ruia among others.
     
In 2008, Ambani was world's fifth richest person with a net worth of $43 billion and has seen a steep decline in his wealth since. This year, Ambani's wealth is down by $2.9 billion though he hangs on to his perch as India's richest person with $18.6 billion networth.
     
Steel tycoon Lakshmi Mittal has also been witnessing a steep fall over the last 10 years. In the latest Forbes list Mittal is ranked in the 52nd position, while in the year 2005, he enjoyed a rank as high as 3rd on the global rich list.
     
Moreover Shashi & Ravi Ruia also saw their fortune erode and this year the brothers are the biggest dollar losers, down by $3.6 billion as shares of their London-listed Essar.