India-born steel czar Lakshimi Mittal and head of India's largest company Mukesh Ambani figure among Forbes list of "World's Most Powerful Billionaires" who wield a staggering authority and influence far beyond their riches.

Ranking third on the global list compiled by US business magazine is Lakshimi Mittal who "controls 10 percent of the world's steel production through his company ArcelorMittal" despite his fortune falling $24.5 billion between March and November 2008.