India's Richest 2008 - Mukesh Ambani

Net Worth: $20.8 billion

Makes debut as India's richest, despite fact that net worth fell $28.2 billion in past year as stock price of petrochemicals flagship Reliance Industries tanked. Unfazed, Mukesh upped Reliance stake, paying $3.4 billion to convert 120 million preferential warrants into shares, at a premium to stock price. Legal spat with estranged brother Anil over gas supply agreement still unresolved.

Age: 51
Marital Status: Married, 3 children
Hometown: Mumbai

Annual billionaires list, 2008, this ranking has been broadened to include family fortunes.

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