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    Mukesh Ambani is world’s fifth-richest person with $77 billion fortune

    Synopsis

    Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 6. He overtook Elon Musk and Google co-founders Sergey Brin and Larry Page days later.

    For years, the world’s five richest people comprised a little-changed group dominated by Americans, a European or two and, occasionally, a Mexican.
    That changed this week. India’s Mukesh Ambani overtook Steve Ballmer on Thursday to become the fifth-wealthiest person on the planet with with a net worth of $77.4 billion. On Friday, his wealth rose a further $3.5 billion, bringing him closer to Mark Zuckerberg.

    The jump in ranking is just the latest milestone for Ambani, 63, whose fortune has surged by $22.3 billion since the beginning of the year.

    The Reliance Industries Ltd. chairman has jumped nine places on the Bloomberg Billionaires Index since January as shares of his conglomerate have risen 145% from a low in March, buoyed by recent investments from firms including Facebook Inc., Silver Lake and BP Plc. Ambani’s dealmaking has helped make India a bright spot for M&A during an otherwise barren year, with Indian news channel ET Now reporting that Amazon.com Inc. is in early talks for a stake in Reliance’s retail division.

    Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 6. He overtook Elon Musk and Google co-founders Sergey Brin and Larry Page days later.

    The world’s second-wealthiest Asian is Tencent Holdings Ltd. co-founder Pony Ma, who currently ranks 18th. Billionaires from the region have outperformed their peers from elsewhere this year, with the exception of Australia and New Zealand, according to the Bloomberg index, a ranking of the world’s 500 richest people.

    While Ambani’s rise has been remarkable, Amazon.com Inc. founder Jeff Bezos’s fortune has surged the most this year, adding $64 billion.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    43 Comments on this Story

    HOMI DAVIER49 days ago
    When I was growing up there was a saying in India, its the first lakh rupees (100,000) that is the most difficult to get. Once you cross that strata then the rest will pour in like magic! OMG, now 50 years later, we see Billionaires like Mukesh Ambani in India who carved out the first Billion and let the rest pour in! In the 1990's I had predicted, of course, like so many others who were sophisticated in finance industry that India would be the next super power weighing in the fact that it had the world's largest middle class population, with huge earning powers and hunger to get the best that their ancestors could not. This is now a fact.
    At this time, today on July 25th, 2020; I hereby state that a new phenomenon has risen from the Covid-19 crisis and this is that we are now talking in Trillions and the move is on. Yes my finance gurus, get ready for the boom in the money values which will go up and we will see Trillionaires within the next two years or less. However, dont get too excited, its just paper money, a lot of it printed in crisis so let's hang loose and #see if the Trillions will have the same sustaining strength?
    SkyWalker 62 days ago
    Good to see at least Ambani enjoying ACCHE DIN 😉
    dipi ti63 days ago
    He has powerful people working for him who he pays real well, in ways that can not be detected as per laws made by this Govt in its first term/ it does not matter which Govt. is in power.
    The Economic Times