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India lost one-third of its billionaires to the financial crisis in 2011, in large part because the country’s stock market dropped 40%, The Wall Street Journal reported from a new study.The map of the world’s billionaires had been shifting toward the east for years, but this recent decline in India’s wealth could completely re-disrupt where the wealthiest people are.
ET Intelligence Group’s data shows that India now has approximately 40 billionaires, down from 60 just last year.
Almost all of the top 10 wealthiest people in India, who retained their billionaire status this year, saw their fortunes shrink. The total wealth of the top 10 plummeted from $34.8 billion to $19.15 billion to date.