Business

Mukesh Ambani surges past richest European to become world’s fourth wealthiest

Mukesh Ambani has surged past Europe’s wealthiest man, making him the world’s fourth-richest person.

Reliance Industries Ltd.’s chairman is now worth $80.6 billion, after amassing $22 billion this year, according to the Bloomberg Billionaires Index. That gives him a bigger wealth pile than France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered from customers curbing high-end fashion purchases faster than the company can cut costs.

India’s richest person has already surpassed some of the biggest tycoons in recent weeks — a list that includes Silicon Valley titans such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the so-called Oracle of Omaha himself, Warren Buffett.

While the conglomerate with a huge energy empire was slammed by a slump in demand for oil amid Covid-19, its shares have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook Inc. and Google.

Ambani has slowly been shifting his focus to e-commerce, with tech giants seeking to take a piece of India’s fast-growing digital business. Google said last month it will spend $10 billion in the coming years to help accelerate the adoption of digital technologies in the world’s second-most populous nation.

Meanwhile, with LVMH shares down this year, Arnault has become the biggest loser among the world’s 500 richest people. His net worth has plunged $25.1 billion to $80.2 billion.

Source: Hindustan Times

Click to comment

Leave a Reply

Your email address will not be published.

2 × one =

News is information about current events. News is provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, and also on the testimony of observers and witnesses to events. It is also used as a platform to manufacture opinion for the population.

Contact Info

Address:
D 601  Riddhi Sidhi CHSL
Unnant Nagar Road 2
Kamaraj Nagar, Goreagaon West
Mumbai 400062 .

Email Id: [email protected]

West Bengal

Eastern Regional Office
Indsamachar Digital Media
Siddha Gibson 1,
Gibson Lane, 1st floor, R. No. 114,
Kolkata – 700069.
West Bengal.

Office Address

251 B-Wing,First Floor,
Orchard Corporate Park, Royal Palms,
Arey Road, Goreagon East,
Mumbai – 400065.

Download Our Mobile App

IndSamachar Android App IndSamachar IOS App
To Top
WhatsApp WhatsApp us