Since lockdown, Mukesh Ambani has been adding Rs 90 crore per hour to his wealth
By: Ashwathy Nair
As per the IIFL Wealth Hurun India Rich List 2020, it shows that since the March lockdown, India’s richest man, Mukesh Ambani has been adding Rs 90 crore per hour to his wealth. The fortunes of Mukesh Ambani , who maintained the title of the richest Indian for the 9th year on run, increased by Rs 2,77,000 crore to Rs 6,58,000 crore.
The recent rankings came forward a couple of days after US private equity firm Silver Lake’s Rs 7,500 crore investment in Reliance Retail. It was an investment that valued the venture at a pre-money equity value of Rs 4.21 lakh crore.
At the time when most other companies’ balance sheet was destroyed by the pandemic, Mukesh Ambani unrivaled financial clout by his current fund-raising spree that fulfilled his target of making Reliance Industries net-debt-free. For future growth, he has his visions firmly set on tech and retails. The ambitions of Ambani include creating a home-grown-e-commerce giant as China’s Alibaba.
Whichever area is being picked, he has the ability to dominate the Indian market and it has turned him into the first port of call for big global companies that are seeking to invest.
While China is an equivalent option and it remains primarily shut for non-Chinese businesses. India is a market that has a potential over a billion customers that is still largely out of most global companies’ sphere of influence.
As per the recent Hurun list, it features 828 individuals with a net worth of Rs 1,000 crore. As compared to five years earlier, this is a three-fold jump in numbers. Since 2013, there was a three-fold rise in numbers. Among the 828 people who made it to the list, some of them around 627 have witnessed a rise in their fortune and 229 people have witnessed a fall in their wealth during the period.
The richest woman in rankings is Smita V Crishna who has a fortune of Rs 32,400 crore, followed by her, there is Kiran Mazumdar-Shaw with a fortune of Rs 31,600 crore. In the list, there are a total of 21 people who are under the age of 40, and among them 17 people are self-made.
Ambani is the only Indian who is featured among the global top 5 on the list. There is a rapid rise seen in his fortune after expanding from oil to telecom and retail.