MukeshWarren

Mukesh Ambani, Now Richer Than Warren Buffett, At $68 Billion

Mukesh Ambani

Mukesh Dhirubhai Ambani is an Indian billionaire business magnate, and the chairman, managing director, and largest shareholder of Reliance Industries Ltd., a Fortune Global 500 company and India’s most valuable company by market value. He is currently the richest man in Asia. 

Born: 19 April 1957 (age 63 years), Aden, Yemen

Height: 1.69 m

Net worth: 6,810 crores USD (2020)

Education: Institute of Chemical Technology (ICT) Mumbai, 

Warren Buffett

Warren Edward Buffett is an American investor, business tycoon, and philanthropist, who is the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of US$88.9 billion as of December 2019, making him the fourth-wealthiest person in the world.

Net worth: 6,790 crores USD (2020) 

Born: 30 August 1930 (age 89 years), Omaha, Nebraska, United States

Books: The Essays of Warren Buffett: Lessons for Corporate America, Berkshire Hathaway letters to shareholders 1965-2012

Education: Columbia Business School (1950–1951)

The MONEY RACE

The richest people on the Globe are not immune to the coronavirus. As the pandemic tightened its grip on Europe and America, global equity markets imploded, tanking many fortunes. As of March 18, when we finalized this list, Forbes counted 2,095 billionaires, 58 fewer than a year ago and 226 fewer than just 12 days earlier, when we initially calculated these net worths. Of the billionaires who remain, 51% are poorer than they were last year. In raw terms, the world’s billionaires are worth $8 trillion, down $700 billion from 2019.

Ambani overtakes Buffett

Mukesh Ambani has had a thrill ride in 2020, cutting a string of deals for his digital business, undergoing wild swings in his wealth, and having his brother’s finances laid bare for the world to see.

Now he can add another chapter — eclipsing the fortune of Warren Buffett.

The chairman of Reliance Industries Ltd is now worth $68.3 billion, surpassing Warren Buffett’s $67.9 billion as of Thursday, according to the Bloomberg Billionaires Index.

Shares of Mr. Ambani’s Indian conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc and Silver Lake. This week BP Plc paid $1 billion for a stake in Reliance’s fuel-retail business.

While Mr. Ambani’s wealth has jumped — he became the only Asian tycoon in the exclusive club of the world’s top 10 richest people last month — Mr Buffett’s fortune dropped this week after he gave away $2.9 billion to charity.

The 89-year-old, known as the Oracle of Omaha, has slipped down the rankings after donating more than $37 billion of Berkshire Hathaway Inc stock since 2006. Berkshire Hathaway’s stock performance has also underwhelmed recently.

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

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

Also Read : News Highlights From July 2020

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