More than half of India’s 100 richest people lost money in the past year, but the country’s richest man got $4 billion richer.

Forbes released its 2019 ranking of India’s 100 Richest People.More than half of the country’s richest people lost money in 2019 as economic growth slowed.India’s richest man, on the other hand, Mukesh Ambani, added $4.1 billion to his fortune.The 62-year-old chairman of oil-gas-telecom conglomerate Reliance Industries is worth an estimated $52.7 billion.The automobile and consumer…

More than half of India’s 100 richest people lost money in the past year, but the country’s richest man got $4 billion richer.

Forbes released its 2019 ranking of India’s 100 Richest People.More than half of the country’s richest people lost money in 2019 as economic growth slowed.India’s richest man, on the other hand, Mukesh Ambani, added $4.1 billion to his fortune.The 62-year-old chairman of oil-gas-telecom conglomerate Reliance Industries is worth an estimated $52.7 billion.The automobile and consumer goods industries suffered, but Ambani’s wealth has grown this past year largely thanks to his three-year-old telecom company, Jio, which now has 340 million subscribers, according to Forbes.Visit Business Insider’s homepage for more stories.India’s economic growth has slowed, and the country’s richest people haven’t been spared the effects.¬†Forbes released its 2019 ranking of India’s 100 Richest People, and it showed that more than half of India’s richest people lost money in 2019.”Under the Narendra Modi-led government, which returned to power for a second term with a thumping majority in May, economic growth slowed to 5%, a six-year low,” Naazneen Karmali wrote for Forbes.According to Karmali, the automobile and consumer goods industries were hit particularly hard, with layoffs and production cuts. Fourteen of India’s richest lost at least $1 billion, and nine of last year’s richest didn’t make this year’s list.¬†The country’s richest man, however, got even richer despite the economic turmoil. Mukesh Ambani, who runs the oil-gas-telecom conglomerate Reliance Industries, added $4.1 billion to his net worth.

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