Bloomberg Rich List Update: Mukesh Ambani Surpasses Warren Buffett

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Asia's richest tycoon Mukesh Ambani surpassed Warren Buffet; becomes the 8th richest person on the planet.


According to the Bloomberg Billionaires Index, the "Oracle of Omaha" with wealth worth $69.7 Billion held eighth position. After giving away $2.9 billion to charity, he now slides down to the 9th rank with a net worth of $67.8 Billion. Whereas, Ambani’s oil-to-telecom giant, Reliance Industries, raised more than $22 Billion in just 58 days and amassing a $68.4 Billion fortune, amid a strict nationwide lock-down in India.

Ambani's fortunes grew this year on account of a 40 per cent jump in shares of RIL, reported Bloomberg. The sale of a 49% stake in its fuel retail network to BP last summer, have helped the company become net debt-free, it said. It is worth mentioning that the rally in stock is more than double of what India's benchmark S&P BSE Sensex gained during the period. RIL has added ₹1.75 trillion (around $23B) to its market capitalization in the last six months.


In March 2020, RIL had reported a net debt of $21 billion. Since then it has raised $15.2 Billion by selling stakes in it's digital service arm, Jio Platforms Ltd and its Rights Issue. 

The Jio investments started with a bang on April 22, when social networking giant Facebook announced the investment in Jio Platforms worth $5.7 Billion. Since then, four U.S. private equity firms invested in Jio (Silver Lake, Vista Equity, General Atlantic and KKR). With around 11 such deals, The sale of more than 25 per cent in Jio Platforms along with a rights issue worth over $7 Billion have helped Reliance Industries become net debt-free much earlier than its target of March 2021.


As per the analysis, Jio Platfoms Ltd. attracted more than half the $30 Billion investment into telecom companies globally this year, on bets the wireless and digital services firm will disrupt India's massive consumer market.

Also, Read About How Jio Plans To Revolutionize India's 5G 

Several new investors are rallying behind Reliance as it ventures into new businesses and strengthens existing ones including the latest telecommunications business.

Some Interesting facts about Mukesh Ambani:

This is not Ambani’s first appearance in the world’s top 10 richest. He first broke into that esoteric group in 2008, when he was at fifth with $43 billion and remained in the top 10 for the next three years. In 2009, he was at seventh though his net worth had slumped to $19.5 billion in the aftermath of the 2008 global financial crisis. In 2010, he had climbed to No. 4 with $29 billion, dropping to ninth position a year later with $27 billion, amid a global recovery. As tech billionaires outpaced him, he fell out of the top 10 in 2012.

Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians and is the founder of Indian Super League, a football league in India. In 2012, Forbes named him one of the richest sports owners in the world.

Reliance is plowing billions of dollars into energy exploration and is building the world’s largest oil refinery. It has also opened a chain of nearly 700 stores selling food and various wares; Mr. Ambani promises that it will funnel money from the flourishing cities into the struggling agricultural heartland. 

His preferences reflect a wider cultural transformation in India, admirers say. “If you look at his interests, they’re very rooted in India,” says Nandan M. Nilekani, co-chairman of Infosys Technologies, a leading outsourcing company in India. “He’s not trying to impress anyone else. It’s part of a broader shift in self-confidence that is happening, where people are no longer looking at Westernized symbols of having arrived.”

Next on Ambani’s agenda is to list both Jio and Reliance’s retail business which could rival Amazon India.  That could possibly give him a fighting chance of reclaiming a spot in the world’s top 5 richest.

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Published By
Shamli Deshmukh | World Uncensored.

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