Sorry to report sad net worth news, but billionaires in the BRICS did not have a bullish 2011. Especially India.
According to the Wall Street Journal and data from ET Intelligence Group, India now has just 40 billionaires, down from 60 in 2010. An amazing fall in individual economic power.
Stock market declines and cyclical macroeconomic conditions are the main drivers behind the decline.
For example, India's wealthiest billionaire, Mukesh Ambani, saw his worth drop to $16.8 billion from $20.8 billion in 2010.
