Mukesh Ambani is the richest INDIAN

Reliance Industries' Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of $20.8 billion, Forbes said in its annual rich list for the country.

Mittal, who has moved to second position with a net worth of $20.8 billion, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at $12.5 billion.

Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of $7.9 billion and $7.8 billion, respectively.

The magazine said that the combined net worth of India's 40 richest has declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback.

Their total wealth is now $139 billion, down from $351 billion just a year ago, according to Forbes India Rich List.

"These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation," Forbes Asia said in a statement.

While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of $760 million was needed to make to the list this year, $840 million less than last year.