Mumbai: Reliance Industries Chairman Mukesh Ambani has become the fourth richest person in the world leaving behind Europe’s wealthiest man Bernard Arnault with a current worth of $80.6 billion according to the Bloomberg Billionaires Index.
Business Tycoon Ambani's wealth gets piled up with $22 billion this year passing France’s Bernard Arnault in the race. Arnault's LVMH Moet Hennessy Louis Vuitton SE has suffered from customers. The company was in it's move to cut costs but curbing of high-end fashion purchases went faster.
The oil-to-telecom conglomerate Reliance Industries chairman has surpassed the biggest tycoons in recent weeks such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page and also Warren Buffett.
The conglomerate suffered a drop in demand for oil amid COVID-19 pandemic. But the shares have more than doubled as its digital unit got billions in investments from companies including Facebook Inc. and Google.
Jeff Bezos currently tops the Bloomberg Billionires Index with $187 billion worth followed by Bill Gates and Mark Zuckerberg with $121 billion and $102 billion respectively. Mukesh Ambani has now surpassed Bernard Arnault with $80.6 billion worth grabbing the fourth position. Meanwhile, with LVMH shares down this year, Arnault has suffered a biggest lost till now among the world’s 500 richest people. His net worth has dropped down with $25.1 billion settling at $80.2 billion.
With a tremendous growth in Indian digital business, Ambani has slowly been shifting his focus to e-commerce. Google in the last month said it will spend $10 billion in the coming years in the world’s second-most populous nation to speed up the adoption of digital technology among the crowd.
Previously, Mukesh Ambani surpassed Warren Buffet’s worth of $67.9 billion according to Bloomberg Biilionaires Index. This happened when Warren Buffet gave $2.9 billion to charity which dropped his wealth. Ambani then became the eighth richest man on the planet, and Buffet became the ninth.
Thereafter the success, the stock of Reliance Company fell by over 6% making Ambani lose around $2 billion after the company's 43rd Annual General Meeting. Ambani spoke about a delay in deal with Saudi Aramco which was a possible reason for the pull down in stocks. Mukesh Ambani’s Reliance Jio platform recently got investments from renowned companies into his digital business.