This Article is From Aug 08, 2020

Mukesh Ambani Now World's 4th Richest Person: Report

Billionaire Mukesh Ambani-led Reliance Industries' market capitalisation - or market value - stood at Rs 13.61 lakh crore at the end of trade on Friday.

Mukesh Ambani Now World's 4th Richest Person: Report

Mukesh Ambani surpassed Bernard Arnault to become the world's fourth richest, according to Bloomberg

Highlights

  • Mukesh Ambani's net worth at $80.6 billion, according to Bloomberg
  • His net worth has risen by $22 billion so far this year
  • His Reliance Industries' shares have broken a series of records

Reliance Industries' chairman, Mukesh Ambani, is now the fourth richest person in the world, according to news agency Bloomberg. With a total net worth of $80.6 billion, Mukesh Ambani was ranked fourth in the Bloomberg Billionaires Index on Saturday, Amazon founder and CEO Jeff Bezos (whose net worth was at $187 billion), Microsoft co-founder Bill Gates ($121 billion) and Facebook co-founder and CEO Mark Zuckerberg ($102 billion), according to the Bloomberg Billionaires Index, which is a daily ranking of the world's richest people.

According to Bloomberg, Mr Ambani's net worth increased by $326 million to reach $80.6 billion as of August 8, and his total net worth was up $22 billion so far this year.

Oil-to-telecom conglomerate Reliance Industries' shares have broken a series of records over the past few weeks, boosted by a series of investments in its digital services arm, Jio Platforms.

The market capitalisation - or market value - of his Reliance Industries, the country's most valuable company, stood at Rs 13.61 lakh crore at the end of trade on Friday.(These Are India's Most Valuable Companies)

Close behind Mr Ambani is luxury group LVMH Moet Hennessy Louis Vuitton's chief, Bernard Arnault, with a total net worth of $80.2 billion, according to Bloomberg.

Reliance Industries is now "in its golden decade", Mr Ambani had said in June - the same month he entered the group of world's 10 richest people, as Reliance Industries became net debt-free way ahead of its target of March 2021. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," he said, as his group reached the milestone.

Since April 22, Reliance Industries has sold a 32.82 per cent stake worth more than Rs 1.5 lakh crore in Jio Platforms - which houses telecom major Reliance Jio Infocomm - to prominent investors including internet giants Facebook and Google.

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