Anil Ambani poorer by $30 bn

deepak pace

New York: Industrialist Anil Ambani continues to be on the focus of US magazine Forbes but this time around for topping the list of 'Billionaire Blowups of 2008' by virtue of turning the biggest loser of wealth in less than a
year of being touted as the biggest gainer in the world.

Besides ranking him as sixth richest person in the world with a net worth of $42 billion, Forbes had credited him for having added maximum wealth in its last annual rankings in March.

Since then, his net worth has declined to $12 billion , the magazine said in a news report titled 'Billionaire Blowups of 2008'.

"The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added $24 billion to his fortune in one year, Ambani has dropped $30 billion since then," the report said.

The report further added that three of "his fellow countrymen--estranged brother Mukesh, steel tycoon Lakshmi Mittal and Indian K P Singh, all of whom ranked earlier among the world's 10 richest--lost more than $20 billion dollar

Noting that 2008 was "a dreadful year for the world's wealthiest as markets and currencies around the world tumbled," Forbes said that over 300 of the 1,125 billionaires have lost at least one billion dollars since March.

While several dozen have lost more than $5 billion , the 10 richest from annual 2008 rankings have lost about 150 billion dollars.

This is primarily driven by steel tycoon Lakshmi Mittal, estranged brothers Mukesh and Anil Ambani and property baron K P Singh together losing 100 billion dollars