India's economy, although driven by domestic demand, hasn't been immune to the global slowdown. In the quarter ending December 2008, Gross Domestic Product grew by 5.3%, down from 9% the previous year.
Four Indians were among the world's top 10 richest in 2008, worth a combined $160 billion. Today, that same foursome is worth just $54 billion. Mukesh Ambani and Lakshmi Mittal still managed to hold on to their spots at Nos. 7 and 8, respectively. The same can't be said for Anil Ambani, who lost $32 billion this past year, more than any other billionaire in the world, or K.P. Singh, briefly the world's richest real estate baron, who lost $25 billion and is now ranked No. 98, worth $5 billion.
Not surprisingly, India's richest are facing a major reality check. A volatile stock market that dropped 44% in the past 12 months and a depreciating rupee, which fell about one-fifth against the dollar, sent their fortunes tumbling.
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