India’s richest person and Reliance Industries Limited (RIL) chairman and managing director Mukesh Ambani, who earlier this year rose to the 4th spot on the Bloomberg Billionaire Index, is no longer among the world’s top 10 richest billionaires.
According to the Bloomberg Billionaire Index ranking, Mukesh Ambani’s current net worth is $76.5 billion (Rs 5.63 lakh crore), down from nearly $90 billion (Rs 6.62 lakh crore) earlier this year.
The RIL chairman is at the 11th position in the list of the richest billionaires in the world, below Sergey Brin, co-founder of Google and Larry Ellison of Oracle Corporation, who stood at 9th and 10th position respectively with $79.2 billion net worth, according to the Bloomberg ranking.
The top five people in the list are Jeff Bezos with a total net worth of $186 billion, Elon Musk with $160 billion, Bill Gates with $131 billion, Bernard Arnault with $110 billion and Mark Zukerberg with $101 billion net worth.
This year, Mukesh Ambani’s RIL shares witnessed extreme volatility. The drop in his net worth was mainly because of the correction in RIL shares, which have fallen nearly 16% from its all-time high of Rs 2,369.35 touched after the announcement of its deal to buy retail and wholesale assets of Future group. Shares of RIL ended at Rs 1,994.15 on Thursday. Despite the recent drop in RIL share price, it is still up 33% year till date, creating over Rs 3 lakh crore wealth for investors. This is half of the wealth created by the company over the last 25 years.
According to Motilal Oswal’s annual wealth creation study, RIL has also emerged as the biggest wealth creator from the year 2015-2020, adding Rs 4.4 lakh crore wealth. In the last 25 years i.e. from March 1995-2020, RIL has posted a cumulative net profit of Rs 3.78 lakh crore, creating a wealth of Rs 6.3 lakh crore.
The oil-to-telecom company raised Rs 1.52 lakh crore for the group’s telecom and digital services company, Jio Platforms, from investors such as Facebook, Intel and Google, etc.
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