India’s 40 billionaires lose $ 212 billion

Lakshmi N. Mittal, richest man in India and one of the world richest. This steel titan is set to control the world's largest steel company when his Ispat International and LNM Holdings acquire International Steel. Combined entity will be $30 billion

India’s 40 billionaires suffer from the global financial crisis which has hit the subcontinent. They lose 60% of their fortunes, according to the U.S magazine Forbes.

•  India’s richest are subjected to painful times as the ongoing turmoil drastically reshapes their fortunes. The country’s once soaring stock market fell 48% in the 12 months, the rupee depreciated 24% against the dollar and gross domestic product growth is expected to slow down to 7.5 %, partly owing to double-digit inflation. All of this conspired to knock 60% off the combined fortunes of the nation’s 40 wealthiest. Their total net worth fell $212 billion , to $139 billion , down from $351 billion  a year ago.
• Two high-growth industries, technology and pharmaceuticals, have created half of India’s top 40 fortunes. Nineteen of the 40 richest started entirely from scratch. While Mumbai is home to 40% of list members, other hail from emerging hot spots likes Bangalore and Delhi. A minimum net worth of 305 million$ was needed to make the cut for the list.
• Eleven list members made their money in technology, including six who were cofounders of software firm Infosys Technologies. Another nine owe their fortunes to pharmaceuticals. Several produce and sell generics overseas like Yusuf Hamied, who heads leading generics producer Cipla. Biotech pioneer Kiran Mazumdar-Shaw is the sole female on the list.