Forbes Magazine published the list of top 40 rich people from India. Report says that due to the financial crisis, there is an estimated erosion of 60 percent in the net worth of Indian billionaires.

Mukesh Ambani jumped to first position, overtaking Lakshmi Mittal, with a net worth of $20.8 billion (approximately 1.02 lakh crores). But his net worth decreased by $28.2 billion (1.3 lakh crores).

Last year's No. 1, U.K. resident Lakshmi Mittal in the second position with a networth of $20.5 billion, but dropped $30.5 billion last year.

Anil Ambani is in the third position with net worth $12.5 billion. He lost $32.5 billion.

Suzlon, DLF, Unitech owners also reported big loss last year, due to heavy plunge in their share values.