India dropped one spot to No. 4 on the Hurun Global Rich List as the country lost 11 billionaires in 2016.
In the year of 'demonetisation' India lost 11 billionaires from the list of Shanghai-based Hurun Report Inc. while rest of the world added new 69.
However, the 18 Indians among the top 500 billionaires saw their wealth drop just 1.5 percent, according to the Bloomberg Billionaires Index.
“The world today has 5,000 dollar billionaires, assuming that for every one we have found we have missed at least one," Rupert Hoogewerf, chairman and chief researcher at Shanghai-based Hurun Report Inc. said in a statement.
In a 'shock' announcement of Prime Minister Modi on the eve of nov 8, 2016, cancelled 86 percent currency notes in circulation to fighht graft and make economy more cashless.
However, the Bloomberg Billionaires Index shows that the 18 Indians among the world’s 500 richest billionaires had a combined fortune of about $149 billion at the end of 2016, down only slightly from $151 billion in 2015.
India's Mukesh Ambani is ranked no. 21 on the list with total wealth of $ 26000 Million.