Mukesh Ambani Pips Warren Buffet To Become 7th Richest Globally

Marco Green
July 14, 2020

Last month, Mukesh Ambani's Reliance Industries became the first Indian firm to hit a market valuation of Dollars 150 billion helped by a continuous rally in its share price. This week BP Plc paid $1 billion for a stake in Reliance's fuel-retail business.

The Berkshire Hathaway chairman dropped to the tenth position after shedding $21.4 billion this year owing to global stock market crashes and contributions to charity.

According to the Bloomberg Billionaires Index, the RIL chairman is now worth $70.2 billion, surpassing Buffett's $69.2 billion as of Friday.

As per the latest Forbes data, Mukesh Ambani's net worth rose $2 billion on Friday and now stands at $70.1 billion.

Ambani, 63, is now the eighth richest person on the planet, and Buffett is ninth, according to the index, which started in 2012.

Since April 22, 2020, Jio Platforms (a wholly-owned subsidiary of Ambani-controlled Reliance Industries Ltd) had 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. The company's valuation has also shot up to $92 billion.

"Mukesh Ambani Beats Warren Buffet To Become World's 7th Richest Person; Becomes Asia's Richest Person!", 5 out of 5 based on 1 ratings.

The report added that the country has emerged as a hot-spot for mergers and acquisitions (M&A) this year, accounting for more than 12 percent of those announced in Asia Pacific - the highest ratio since at least 1998, thanks to investments in Jio.

Amazon CEO Jeff Bezos holds the first rank with a net worth of $186.8 billion, followed by Bill Gates in the second position with a net worth of $110.5 billion. However, given their large fortunes, even minor fluctuations in the market cap of their respective companies can result in major shifts in their wealth.

Other reports by Click Lancashire

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