Mukesh Ambani, the chairman managing director and the leading shareholder of Reliance Industries, surpasses Europe’s richest man in the ranking of the world’s richest man. The business giant is now ranked fourth in the Bloomberg Billionaire Index.
After adding up $22 billion dollars this year, Ambani got his wealth up to $80.6 billion. This takes him past Bernard Arnault from France.
Who is Bernard Arnault?
Bernard Jean Étienne Arnault, a French billionaire, businessman and art collector, is the chairman and chief executive of LVMH Moët Hennessy – Louis Vuitton SE. It is the world’s largest luxury company.
In 2018, the topped the charts by being the richest man in the fashion industry. He achieved the feat by passing Zara’s owner Amancio Ortega. For two brief periods in December 2019 and January 2020, he overtook Jeff Bezos to rank first in the richest person in the world. His lead was short-lived and both the time Bezos, the owner of Amazon, regained his position in no time. During the pandemic, his net worth went down by $25.1 billion to $80.2 billion. He was the one who got hit hardest and lost most by the pandemic.
During the first half of the year, his company reported that net profit to have come down by significant margins. This was due to his company’s lack of efficiency as they struggled to cut costs as the fashion industry saw multiple boutique closers during the coronavirus pandemic.
LMHV reported that the company&s revenue fell 27% in the first half of the year that ended on 30 June 2020. Profits fell 84% and landed at €522 million.
Looking at the news:
Mukesh Ambani, the business tycoon from India, controls 42% of Reliance Industries Ltd. He is also the owner of the world’s largest oil refining complex.
He made his way into the growing tech industry India when he took the Indian markets by storm as he launched Reliance Jio, the first 4G network of India. With this, his fortunes shined brighter than ever. Identifying the potential of the industry, he now plans to fully commit to technology launching and announcing more projects. His company is giving tough competition to giants like Huawei.
His company has reportedly built its own 5G technology, which they plan to soon launch. Recently he has collaborated with major Silicon Valley plants. Alphabet and Google CEO recently went into an agreement with Ambani as he pledged $ 4.5 billion in return for a 7.7% stake in his company. Facebook owner Mark Zuckerberg has also provided $ 5.7 billion in return of nearly 10% stake in the company.
The Mumbai based conglomerate also has the residential property of $ 400 million and owns the Indian Premier League cricket team Mumbai Indians.
The 63-year-old businessman has overtaken some of the biggest names around the globe in his quest of becoming the richest man. In recent times he went past Elon Musk (owner of Tesla), Sergey Brin and Larry Page (founder of the Alphabet), and Warren Buffett.
Although during the pandemic the company saw a slowdown in oil demand, it swiftly turned around in March with the big investments from Google and Facebook. Since March, their share has doubled in price.
Ambani, with shifting his focus on e-commerce and with India’s give the potential of growth in the market it can be predicted that his wealth will grow in the next few years.
Although getting the same start, his younger brother struggles to cope with the industry as his career plummets to the ground. Know more about their story by clicking on this text.
Fun facts about Mukesh Ambani by Bloomberg:
With a net worth of $80.6 billion Mukesh Ambani can:
- 39.5 troy ounces of Gold.
- 1.81 billion barrels of crude oil.
HIS WEALTH IS EQUIVALENT TO:
- 0.376% of the GDP of the United States.
- 1.26% of the total wealth of the 500 richest people in the world.
- 20.4% of the top 100 US college endowments.
- 1276% of the top 200 US executives’ total awarded compensation.
- 5.17% of US existing home sales.
- 1275371 times the US median household income.