Thursday, 20 January, 2022
HomeEconomyMukesh Ambani is now world's fourth richest man, overtakes Europe's wealthiest

Mukesh Ambani is now world’s fourth richest man, overtakes Europe’s wealthiest

Reliance's shares have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook Inc. and Google.

Text Size:

Hong Kong: Mukesh Ambani has surged past Europe’s wealthiest man, making him the world’s fourth-richest person.

Reliance Industries Ltd.’s chairman is now worth $80.6 billion, after amassing $22 billion this year, according to the Bloomberg Billionaires Index. That gives him a bigger wealth pile than France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered from customers curbing high-end fashion purchases faster than the company can cut costs.

India’s richest person has already surpassed some of the biggest tycoons in recent weeks — a list that includes Silicon Valley titans such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the so-called Oracle of Omaha himself, Warren Buffett.

While the conglomerate with a huge energy empire was slammed by a slump in demand for oil amid Covid-19, its shares have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook Inc. and Google.

Ambani has slowly been shifting his focus to e-commerce, with tech giants seeking to take a piece of India’s fast-growing digital business. Google said last month it will spend $10 billion in the coming years to help accelerate the adoption of digital technologies in the world’s second-most populous nation.

Meanwhile, with LVMH shares down this year, Arnault has become the biggest loser among the world’s 500 richest people. His net worth has plunged $25.1 billion to $80.2 billion. – Bloomberg


Also read: Why Mukesh Ambani is coming for your smartphones and wallets


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

2 COMMENTS

  1. lol ..how can you compete with Mukesh Ambani probably the worlds most corrupt man !! Even Amazon, google, Walmart and Facebook are slowly realizing that there’s no point in trying to compete with corrupt Ambani in a corrupt system such as India where the rules are changed everyday to favour Ambani. Even after expose after expose Including highly revealing books like “ the gas wars”, “ feast of vultures”, “ the polyester prince” and so on Indians prefer to continue encouraging such loot and praising jio rather than calling out the corrupt!

  2. Lol he is world richest or world poorest because within 15 or 20 years he was going to be dead. Than where he sit in chair or in kabristaan lol and in when he die than who he gonna say this that I am richest person in world to yumraj as death king or who.

Comments are closed.

Most Popular

×