Home Business Mukesh Ambani is now the 4th richest man in the world

Mukesh Ambani is now the 4th richest man in the world

Mukesh Ambani

Reliance Industries Chairman and MD Mukesh Ambani has surpassed Bernard Arnault, chairman and CEO, LVMH Moet Hennessy Louis Vuitton to become the world fourth-richest person. Ambani’s net worth on Friday went up by $326 million to $80.2 billion (Rs 6.04 lakh crore) making him the 4th richest.

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.

Mukesh Ambani



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