Mukesh Ambani of India still richest man of world

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Mukesh Ambani of India still richest man of world

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Energy giant Reliance Industries chairman Mukesh Ambani has retained title of world's richest man.

25 October,2012 07:12 pm

He retained the title for the fifth year in a row -- with a net worth of $21 billion, according to Forbes.London-based steel baron L.N. Mittal follows Ambani as the countrys second richest person, with wealth of $16 billion, the US business magazine said on its website Thursday ahead of its November Asian edition.Despite holding the top position, Ambani has seen his fortune drop by $1.6 billion in the past 12 months, Forbes said.Reliance remains Indias most valuable firm despite ongoing battles with federal oil ministry over KG-D6, countrys largest offshore gas field where output has sharply declined, said the report.Mittal also had a tough year, losing $3 billion, as shares of his ArcelorMittal, the worlds largest steelmaker, tanked due to surging costs and slumping demand in Europe, the magazine said.Software firm Wipros chairman Azim Premji is the third richest Indian with wealth of $12.3 billion.The magazine noted that Indias slowing economy got a recent boost when the government ended months of policy paralysis through a series of reforms to boost foreign investments in retail, insurance and aviation.The much-needed reforms perked up sentiments in what was otherwise another year of corruption scandals, this time in mining allocations, Forbes said.The data was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and Indias regulatory agencies.