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Mukesh Ambani is now the fifth richest person in the world, according to Forbes

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3 years ago

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Billionaire Mukesh Ambani is now the fifth richest person in the world, according to business magazine Forbes’ billionaire list. The chairman of the oil-telecom conglomerate Reliance Industries overtook US ace investor Warren Buffett to take fifth place in Forbes’ real-time ranking, which estimated Mr. Ambani’s wealth at $ 75 billion (5.61 lakh rupees crore to 1 dollar = 74.76 Rs). Mr. Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is set at $ 89 billion.

  1. Reliance Industries shares hit an all-time high of Rs 2,010 on Wednesday, bringing the group’s market cap to Rs 12.70 lakh crore.
  2. This has helped Reliance Industries, headed by Mr. Ambani, maintain its position as India’s most valuable company.
  3. Mr Ambani’s net worth rose $ 3.2 billion on Wednesday, according to Forbes, jumping 4.49%.
  4. According to the Forbes List, Amazon founder and CEO Jeff Bezos is number one on the list, with a net worth of $ 185.8 billion.
  5. Mr. Bezos is followed by Microsoft co-founder Bill Gates ($ 113.1 billion) in second place. In third place are luxury group LVMH Moët Hennessy Louis Vuitton, group leader Bernard Arnault and his family, with a net worth of $ 112 billion. He is followed by Mr. Zuckerberg, who ranks fourth on the Forbes list.
  6. Reliance Industries is now “in its golden decade,” Ambani said last month, as his group went net debt-free well ahead of its March 2021 target.
  7. “I have kept my promise to shareholders by releasing Reliance’s net debt well ahead of our initial schedule of March 31, 2021,” he said, as his group hit the milestone.
  8. Reliance sold an almost 33% stake in its digital services arm, Jio Platforms, to prominent investors, including internet giants Facebook and Google.
  9. The latest investor in Jio Platforms – which hosts the telecommunications company Reliance Jio Infocomm – is Google, which has committed a capital injection of Rs 33,737 crore for a 7.7% stake.
  10. The sale of stakes in Jio along with its partnership with the world’s leading oil company BP and a rights issue worth Rs 53,000 crore helped Reliance Industries free itself from its net debt.

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