Wealthiest tycoon Mukesh Ambani Overtakes Warren Buffett to Become World’s 7th Richest

Reliance Industries (RIL) Chairman Mukesh Ambani has become the seventh richest person in the world overtaking Warren Buffet,…
Business tycoon Mukesh Ambani Overtakes Warren Buffett to Become World’s 7th Richest
Reliance Industries (RIL) Chairman Mukesh Ambani has become the seventh richest person in the world overtaking Warren Buffet, one of the most successful investors globally.

Ambani’s net worth rose $2 billion on Friday and currently stands at $70.1 billion. His rise among the world’s richest individuals has been boosted by the recent continuous surge in the share price of Reliance Industries (RIL).

On Friday, RIL shares on the BSE hit a fresh all-time high of Rs 1,884.40. Following the surge in share prices, the oil-to-telecom major’s market capitalisation crossed Rs 11.90 lakh crore.

The shares have risen largely due to the investments coming into its technology and telecom arm Jio Platforms from global marquee investors. Jio Platforms has raised Rs 1.17 lakh crore so far in just over two months.

The net worth of Warren Buffet, who runs Berkshire Hathaway and is popularly known as the “Oracle of Omaha”, stands at $68.1 billion and is at the eight spot.

Amazon CEO Jeff Bezos holds the first rank with a net worth of $186.8 billion, followed by Bill Gates in the second position with a net worth of $110.5 billion.

Ambani, 63, is now the eighth richest person on the planet, and Buffett is ninth, according to the index, which started in 2012.

Thanks to Ambani’s deals, India has emerged as a hot-spot for M&A this year, accounting for more than 12% of those announced in Asia Pacific — the highest ratio since at least 1998.

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