Mukesh Ambani Joins Club of World's 10 Richest People, Takes 9th Spot
The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion, making him the only Asian tycoon in the exclusive club of the world's top 10 richest people, according to the Bloomberg Billionaires Index. He overtook Larry Ellison of Oracle Corp. and France's Francoise Bettencourt Meyers, the wealthiest woman, to reach the No. 9 spot.
Mr Ambani, who owns 42 per cent of Reliance, has benefited from a flurry of investment into the company's digital unit, Jio Platforms Ltd., that Reliance said has made it net-debt free ahead of a March 2021 target. The shares of the conglomerate have doubled from a low in March, just as other billionaires on the list have been hit by the impact of the coronavirus pandemic.
While the Indian economy "has been nearly decimated" during the lockdown to control the spread of Covid-19, "Mr. Ambani's companies (particularly the telecom giant Jio) have prospered, and his personal wealth has increased substantially," said Jayati Ghosh, chair of the Centre for Economic Studies and Planning at the Jawaharlal Nehru University.
A media representative for Reliance declined to comment on Mr Ambani's fortune.