Reliance Industries (RIL) Chief, Mukesh Ambani, has become the richest Indian in the world with net worth of $20.8 billion. He displaced steel giant Lakshmi Mittal, according to the recent data of 40 richest people, compiled by Forbes magazine. India is left with 27 billionaires from 40 last year and its 40 richest people maintain net worth of $139 billion.

Decline in billionaires in India is due to the impact of global slowdown, fall of stock market by nearly 48 per cent, low property value and depreciation of rupee against US dollar. The magazine explains that it is a tough time for India's richest people. 

L N Mittal attained second slot in the Forbes list with a loss of USD 30.5 billion. He is the Chairman of London-based ArcelorMittal, which has recently announced 30 per cent production cut due to low demand of steel products amid global financial crisis.

Younger brother of Mukesh Ambani, Anil Dhirubhai Ambani got third place in the list and suffered lose of USD 32.5 billion. Sunil Bharti Mittal of Bharti Airtel and DLF chief, Kushal Pal Singh got fourth and fifth place in the list. Kushal Pal Singh suffered a loss USD 27.2 billion in a year due to slump in property rates.

Two women have been able to mark their positions in the top 40 list as compared to three last year. These are: Savitri Jindal, the chairperson of O P Jindal group and Indu Jain, owner of the Bennett, Coleman & Co.'s.

Malvinder and Shivinder Singh are ranked 13th in the list, who added $550 million to their combined wealth. They had sold their 34% stake in the country's largest drug maker Ranbaxy to Japan's Daiichi Sankyo in June this year.