Mukesh's company Reliance maintained its top position with a value of $22.6 billion, despite the company's net worth dropping by $4.4 billion. Meanwhile Anil Ambani's net worth stood at $5.9 billion, down from $13.3 billion.
A major setback for Anil Ambani's company has been Reliance Communications, which has $7.5 billion debt and have failed to raise money to ease debt.
The Forbes India Rich List also revealed that the wealth of India's richest 100 people fell to $241 billion in the year 2011.
"This has been a turbulent year for India's richest," Naazneen Karmali, India Editor of Forbes Asia, said in a statement.
"Despite the economy growing at close to 8 percent, a spate of corruption scandals and rising inflation have taken a toll," said Nazneen.