Industrialist Anil Ambani emerged as the biggest loser of the year and tops the list of 'Billionaire Blowups of 2008', compiled by prestigious US magazine, Forbes.

Earlier, he was ranked as the sixth richest person in the world with a net worth of 42 billion dollars by the same magazine. He was also credited to add the maximum wealth within less than a year.

Anil Ambani's net worth has declined to 12 billion dollars as per the reports in the current edition of the magazine. The report states, "The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added 24 billion dollars to his fortune in one year, Ambani has dropped 30 billion dollars since then."

It added that the financial year 2008 has proved dreadful for the wealthiest persons of the world. Large scale currency fluctuations and the slowdown eroded their net worth for the year.

About 300 of the 1,125 billionaires lost at least one billion dollars since March 2008 due to the slowdown and other global factors. First ten wealthiest in the 2008 billionaires list lost about 150 billion dollars last year.  

The report further added, "His (Ambani) fellow countrymen--estranged brother Mukesh, steel tycoon Lakshmi Mittal and Indian K P Singh, all of whom ranked earlier among the world's 10 richest--lost more than 20 billion dollar apiece." Steel tycoon, Lakshmi Mittal, Ambani brothers and property baron K P Singh collectively lost about 100 billion dollars in 2008.