India's Richest Lost $200 BILLION

Looks like we outsourced losing money to them.

Bloomberg: Mukesh Ambani and Lakshmi Mittal led India’s richest in losing $200 billion this year as the global financial crisis triggered a plunge in stocks and property values, Forbes Asia said.

The combined wealth of India’s 40 wealthiest people slumped 60 per cent to $139 billion, the magazine said today in an e-mailed release. Mittal, 58, lost his top position to Mukesh Ambani of Reliance Industries Ltd. Mittal lost $30.5 billion after the world’s biggest steelmaker ArcelorMittal extended production cuts. The net worth of Mukesh Ambani, 51, dropped 58 per cent after demand for petrochemicals made by Reliance Industries slumped and oil refining margins shrank.

There are 27 Indians with a net worth of $1 billion or more, compared with 54 last year. The key Sensitive index declined 53 per cent this year and is set for its worst annual performance on record. At the same time, there are 456 million Indians who live on less than $1.25 a day, according to the World Bank.

Pictured: Big billion loser Lakshmi Mittal

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