Who wants to be a millionaire?

Forbes' annual ranking of the world's billionaires is out and it's bad news for India's flamboyant airline tycoons, Jet Airways' Naresh Goyal and Kingfisher Airlines' Vijay Mallya. Both have been downgraded to the rank of multi-millionaire.

A year ago Forbes estimated Goyal's (pictured right) net worth at $1.4 billion but it says this has fallen by around $1.1 billion as the value of his publicly traded airline plummeted.

Mallya's net worth was estimated at $1.2 billion a year ago but Forbes says this has fallen by around $900 million.

Click here to read what Vijay Mallya had to say when I asked him a few years ago whether he had heard the old industry joke that the easiest way to make a small fortune in the airline business is to start with a large one.

For the full Forbes list of India's billionaires-turned-millionaires, click here.