India’s Business Magnet, Chairman, Managing Director, and Largest shareholder of Reliance Industries Ltd. – Mukesh Ambani is now richer than Warren Buffet. Yes, you heard it right! Ambani has overtaken legendary investor Warren Buffet in terms of net worth, as shown by the Forbes Real-Time Billionaires Index shows.
According to the latest data, Ambani’s net worth stands at $70.1 billion, rising to $2 billion today, compared to that of Buffet which totals at $67.8 billion. With the jump in Ambani’s wealth, he has also become the only Asian Tycoon in the exclusive club of the world’s top 10 richest people. As per data collated by Hurun Research, he has become the fifth richest man in the world at present. He shares the rank with Tesla founder Elon Musk and Former Microsoft CEO Steve Ballmer.
Ambani’s net worth has increased with the rise in the share price of Reliance Industries since March 2020. The stock price of the conglomerate has mainly plunged due to investments in its Jio Platforms unit. Since April this year, the RIL venture raised a total of Rs 117,588.45 crore from global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and Intel Capital. This led to a sharp rise in Ambani’s net worth as well. Commenting on it, Hurun India Managing Director and Chief Researcher Anas Rahman, “The increase in valuation of RIL is synonymous with the demographic opportunity presented by India. In addition to all the existing launches such as JioMeet and so on, the value could be further unlocked when Jio Platforms forays further into digital offerings such as online gaming and when potential listing on Nasdaq,” Earlier last month, Ambani was reported as the eighth richest man in the world, a position which he shared with Google co-founder Sergey Brin. Amazon founder Jeff Bezos continues to be the world’s richest individual, with a net worth of $200 billion, followed by Microsoft co-founder Bill Gates ($110 billion) and Louis Vuitton SE group head Bernard Arnault ($94 billion) on the second and third positions respectively.