The global financial crisis has hit the subcontinent hard--the wealthiest Indians are worth 60% less than a year ago.
These are painful times for India's richest as the
ongoing global turmoil drastically reshapes their fortunes. The
country's once soaring stock market fell 48% in the 12 months, the
rupee depreciated 24% against the dollar and gross domestic product
growth is expected to slow down to 7.5%, partly owing to double-digit
inflation. All of this conspired to knock 60% off the combined fortunes
of the nation's 40 wealthiest. Their total net worth fell $212 billion,
to $139 billion, down from $351 billion a year ago In Pictures: India's Richest
The Year of the Rat has been a rough one for China's richest, with fortunes being dragged down amid a 60% plunge in mainland stocks and a 50% drop in Hong Kong shares in 2008. The combined net worth of the 400 richest dropped to $173 billion from $288 billion. The top 40 lost $68 billion, or 57%. The minimum net worth slipped $20 million to $180 million. We found 24 billionaires, down from a record 66 in 2007. These losses would have been greater had it not been for the renminbi's 10% appreciation against the dollar.
Net Worth: $3 billion Age: 60
Company: East Hope Group Industry: Agriculture, Metals City: Shanghai
Jonathan Drake/Bloomberg News /Landov
With $120 in savings, he and 3 brothers started raising quail, chickens in 1982. Their Hope Group became one of China's largest makers of animal feed. Siblings split in 1999; Yongxing moved to Shanghai. His East Hope Group is still one of China's biggest feed producers, making 100 types; business has fared well in past year. Also owns aluminum smelters.
Heads electronics-appliance retailer Gome, forbes asia's Fab 50 member. Shares have lost three-quarters of their value since January high on fears of consumer slowdown. Wong cashed out $300 million of shares in 2008. Majority owner of 360 privately held Gome stores
#3 Yang Huiyan
10.29.08, 10:00 PM ET
Net Worth: $2.22 billion Age: 27
Company: Country Garden Industry: Real Estate City: Foshan
REUTERS/China Daily
Real estate heiress whose father, Country Garden's chief, Yeung Kwok Keung, transferred holdings to her ahead of 2007 initial offering. Net worth plunged $14 billion in part due to company's ill-timed acquisitions during market peak.
#4 Liu Yonghao
10.29.08, 10:00 PM ET
Net Worth: $2.2 billion Age: 57
Company: New Hope Group Industry: Agriculture, Finance City: Chengdu
AP Images
Brother of Liu Yongxing (No. 1) has run New Hope Group since 1995. Fortune hurt by declining value of stake in Minsheng Banking. Acquired stake in chemical maker Hebei Baoshuo. Donated $1.5 million to earthquake victims.
Has created a fashion brand and retailer, Metersbonwe, for China's masses, thanks in part to savvy marketing that includes hiring pop stars as spokespeople, fashion consultants. Constantly refreshing products, launching 3,000 designs in a year. Opened first store in 1995, now has 2,200. Took company public in late August, raising $200 million, one of China's most successful public offerings of the year. Fortune includes shares held by his daughter.
Got start in air-conditioning wholesale market in 1990 but soon shifted to retail. His Suning Appliance, rival of Wong's Gome, now has $5.5 billion in sales and is member of Fab 50. Opened 175 stores last year. Sales, profits up, but stock fell 80% owing to worries about outlook.
#7 Robin Li
10.29.08, 10:00 PM ET
Net Worth: $1.7 billion Age: 40
Company: Baidu.com Industry: IT City: Beijing
AP Images
Entrepreneur behind Baidu.com, leading Chinese-language Internet search provider. Stock is down, despite strong performance including 91% gain in net profits in most recent quarter. Hired new chief technology officer, chief financial officer in 2008.
Heads Rizhao Steel Holding, one of China's largest private steel manufacturers. Group donated $15 million for Sichuan earthquake victims.
#9 Ma Huateng
10.29.08, 10:00 PM ET
Net Worth: $1.58 billion Age: 37
Company: Tencent Industry: IT City: Shenzhen
AP Images
Runs Tencent, China's most popular provider of online chat services. Revenues up 85% in first half 2008 thanks to boost in Internet advertising ahead of Olympics and popularity of such online games as Dungeon, qq Dancer and Cross Fire.
10 Zhou Furen & family 10.29.08, 10:00 PM ET
Net Worth: $1.55 billion Age: 57
Company: Xiyang Group Industry: Manufacturing City: Haicheng
ImagineChina
Former leader of a collective, he and family own $2.9 billion (sales) Xiyang Group, one of China's largest suppliers of magnetite products. Also makes steel, fertilizer.
Information Security & US & Life & Love & Fashion & Hacking & Passionhack, web security, game security, game hack, fps, ava, wow, starcraft II, soldier front, gunz, reverse engineering, SQL injection, XSS, hacking, penetration testings, IT, internet technlogoy, security, penetratoin testing, XSS, XSRFCEOinIRVINE
