Mukesh Ambani
File image of Mukesh Ambani | Commons
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New York: For years, the world’s five richest people comprised a little-changed group dominated by Americans, a European or two and, occasionally, a Mexican.

That changed on Thursday, when India’s Mukesh Ambani overtook Steve Ballmer to become the fifth-wealthiest person on the planet, with a net worth of $77.4 billion. The jump in ranking is just the latest milestone for Ambani, 63, whose fortune has surged by $18.8 billion since the beginning of the year.

The Reliance Industries Ltd. chairman has jumped nine places on the Bloomberg Billionaires Index since January as shares of his conglomerate have risen 135% from a low in March, buoyed by recent investments from firms including Facebook Inc., Silver Lake and BP Plc. Ambani’s dealmaking has helped make India a bright spot for M&A during an otherwise barren year, with Indian news channel ET Now reporting that Amazon.com Inc. is in early talks for a stake in Reliance’s retail division.

Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 7. He overtook Elon Musk and Google co-founders Sergey Brin and Larry Page days later.

The world’s second-wealthiest Asian is Tencent Holdings Ltd. co-founder Pony Ma, who currently ranks 18th. Billionaires from the region have outperformed their peers from elsewhere this year, with the exception of Australia and New Zealand, according to the Bloomberg index, a ranking of the world’s 500 richest people. The wealthiest Asian tycoons have increased their collective fortune by 18%, compared with gains of 7% for their counterparts in the U.S. and Canada.

While Ambani’s rise has been remarkable, Amazon.com Inc. founder Jeff Bezos’s fortune has surged the most this year, adding $62.7 billion. – Bloomberg


Also read: 2020 has been a forgettable year for most, but not for Mukesh Ambani and Reliance Jio


 

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7 Comments Share Your Views

7 COMMENTS

    • Correction: Smart Indians can lift India into Global players.

      Mukesh Ambani’s brother Anil Ambani is also a Gujrati but is bankrupt now.

  1. I am Happy that Mr Ambani is becoming richer and may come to top in the world, I pray to GOD.
    Still one thing I want to say that Reliance has not returned my SECURITY of one lac rupees since 2008, which I tried to Local Delhi office.
    Now if this is read by Mr Ambani Reliance then I request that please return my money along with interest.
    This money I deposited as security money when Reliance started Giving Telephones connections in our Area Naraina Vihar New Delhi.
    My mobile is 9910377861 for more information.

  2. I find this very strange. Though fact it is.
    A country’s economic growth nose diving yet a business man of the same country whose business is in India growing to break into the BIG FIVE!! Puzzling to a lay man like me.
    And I can’t but help mention his younger brother declaring himself bankrupt!!
    VERY PUZZLING INDEED.

    • Nothing puzzling.. just capitalism..
      India’s problem is not capitalism.. its lack of enough capitalism..

      Indians have been prolific traders since ancient times..
      If India completely opens up, we will rule the world.. if only some of our dim politicians are able to have a vision..

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