Forbes List - Mukesh Ambani richest Indian, Anil biggest loser

India's richest are getting poorer, according to Forbes, as falling stock prices, corruption scandals in Asia's third-largest economy and a global slowdown wiped 20 per cent off the total value of the country's 100 wealthiest in the last year.

Mukesh Ambani, head of Reliance Industries, India's most valuable company, retained the top spot with a value of $22.6 billion, despite seeing his net worth drop by $4.4 billion.

In the same period, Ambani completed construction of a 27-storey house in Mumbai, costing an estimated $1 billion.

The biggest loser in the list was Ambani's younger brother, Anil, whose net worth stood at $5.9 billion, down from $13.3 billion. His Reliance Group companies have been some of the worst performers on the Mumbai bourse this year.

A major drag for Ambani has been telecom firm Reliance Communications, which has $7.5 billion in debt and has so far failed in efforts to ease debt and raise money.

The combined wealth of India's richest 100 people fell to $241 billion in 2011, according to the Forbes India Rich List, which includes 57 dollar billionaires, a dozen less than a year earlier.

"This has been a turbulent year for India's richest," Naazneen Karmali, India Editor of Forbes Asia, said in a statement.

"Despite the economy growing at close to 8 per cent, a spate of corruption scandals and rising inflation have taken a toll."

The world's second-fastest growing major economy after China grew only 7.7 per cent in the three months to June, its weakest in 18 months, and Mumbai's benchmark stock index is down 16 per cent since January.

India has raised its interest rates 13 times in 19 months, hurting demand for big-ticket items and making it more expensive for businesses to raise capital.

Of the 85 alumni from last year's list, 66 saw their worth drop this year. A net worth of $370 million was enough to make the 2011 list, down from $500 million a year ago.