Date
23 May 2017
Mukesh Ambani retains his spot as the world's richest Indian, with an estimated fortune of US$26 billion. Photo: Bloomberg
Mukesh Ambani retains his spot as the world's richest Indian, with an estimated fortune of US$26 billion. Photo: Bloomberg

India loses 11 billionaires after demonetization

Eleven Indians lost their billionaire status last year following the Narendra Modi government’s shock demonetization move in November, according to the Hurun Report.

The country has dropped one place to No. 4 on the Hurun Global Rich List as 11 people fell off the chart, Bloomberg reports.

Prime Minister Modi announced on Nov. 8 that the government was canceling 86 percent of Indian currency in circulation in a bid to fight graft.

The move caused various problems for businesses and led to some super-rich seeing their fortunes shrink.

According to Hurun’s latest report, 11 Indians lost their billionaire status in 2016 even as the world added 69 to the list that year.

The number of Indians or Indian-origin tycoons on the billionaires list stood at 132.

Mukesh Ambani continues to lead the pack among the tycoons, with his net worth estimated at US$26 billion.

The Reliance Industries boss ranks 28 on Hurun’s Global Rich list, and is the only Indian among the world’s top 50.  

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