Mukesh Ambani Races ahead of Buffett, Larry Page and Musk to Become World's Fourth Richest Person
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India’s energy tycoon Mukesh Ambani is now a part of the world’s top five billionaires club with a net worth of USD 80.6 billion, as reported by Bloomberg.
The chairman and managing director of Reliance Industries (RIL) is the world’s fourth richest person on the Bloomberg Billionaire’s Index, a daily ranking of the richest people, after gaining a whopping USD 22 billion this year. He falls behind Silicon Valley’s tech magnates Jeff Bezos, Bill Gates and Mark Zuckerberg, all of whose net worth is over USD 100 billion.
Asia’s richest man Ambani has raced ahead of Google co-founders Larry Page and Sergey Brin, Louis Vuitton’s Bernard Arnault, ace investor Warren Buffet and Elon Musk among others, to enter the top five in the Bloomberg index.
The phenomenal jump in Ambani’s wealth is driven by a continual rise in RIL’s shares since its March low of INR 875, shows Bloomberg report. Even as oil demand remained low due to the Covid-19 crisis, this rally was mainly fuelled by global technology and private equity investors pumping money in RIL’s digital unit Jio Platforms.
A total of 14 investors, including tech giants Facebook and Google have announced a cumulative investment of INR 1.5 lakh crore in to Jio Platforms, the umbrella entity of phone and data unit Jio Infocomm and several other app platforms such as JioMart, JioSaavn and JioCinema, in the last three months.
On 19 June, Ambani declared RIL a net debt-free company after raising combined capital of INR 1.75 lakh crore from a clutch of global investors and through its rights issue. RIL had set March 2021 as the deadline to cut its debt of INR 1.61 lakh crore. “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” Ambani said in a company statement.
Apart from Ambani, Wipro’s Azim Premji and HCL founder and chairman Shiv Nadar are the other two Indians in the top 100, placed on the 60th and 75th positions, respectively.