Reliance Industries chairman Mukesh Ambani’s worth rises to Rs 68.3 billion as he surpasses Warren Buffet’s net worth of $67.9 billion. As seen on the Bloomberg Billionaires Index (1), he now stands on the 9th spot below entrepreneurial stars like Larry Page, Elon Musk, and Sergey Brin.
Ambani’s conglomerate’s shares have doubled its value since a low in March as its digital unit received investments worth $15 billion+ from firms like Facebook and Silver Lake.
Ambani has had his ups and downs since the beginning of 2020, with cutting multiple deals for his digital business, undergoing wild swings in wealth, and having his brother’s finances laid bare before everyone to see.
This will be regarded as one of the biggest successes for the Reliance head, who stands as the only Asian tycoon in the exclusive club of the top 10 richest people in the world last year. Reliance fuel-related business also received a $1 billion payment for stake from BP Plc this week.
India becomes the hot spot for M&A
The 89-year old’s fortune dropped after he gave away $2.9 billion to charity. Buffet, known as the Oracle of Omaha, has slipped down in his Billionaire’s Index rankings after donating over $37 billion worth of Berkshire Hathaway stock since 2006.
Entrepreneurs including Amazon star Jeff Bezos, Microsoft-owner Bill Gates, and Facebook founder Mark Zuckerberg stand as the top three business tycoons on the Bloomberg’s Billionaire Index with a net worth of $189 billion, $116 billion, and $93 billion respectively.
Ambani’s deals with the international market have made India an emerging hot-spot for M&A this year, accounting for over 12% of the ones announced in the Asia Pacific- the highest ratio since minimum 1998.