Mukesh Ambani takes the 5th spot on Forbes list of Real-Time Billionaires
India’s billionaire business magnate and richest person Mukesh Ambani has surpassed ace American investor Warren Buffett to take the fifth spot on Forbes list of Real-Time Billionaires. He is currently the richest man in Asia with a net worth of $77.4 billion.
Mukesh Dhirubhai Ambani is the chairman, managing director, and largest shareholder of Reliance Industries Ltd. (RIL), a Fortune Global 500 company and India’s most valuable company by market value.
Business tycoon Warren Buffet had slipped down the rankings. After donating more than $37 billion of Berkshire Hathaway Inc. stock since 2006 to charity. Berkshire Hathaway’s stock has also been performing underwhelmingly recently.
The news comes a few days after their 43rd Annual General Meeting this year on 15th July, where they disclosed their partnership with the search-engine giant Google and social media giant Facebook.
After this virtual meeting, the shares of Reliance Industries surged to an all-time high of Rs 2,010 on 22nd July. This increased the market capitalization of Reliance Group to Rs 12.70 lakh crore. The surge also marked an increase of 4.49% in Mr. Ambani’s net worth which increased to $3.2 billion, the same day, according to Forbes.
Jeff Bezos still tops this list of being the world’s wealthiest person for the third year in a row, despite giving $36 billion worth of his Amazon stock to his ex-wife MacKenzie Bezos as part of their divorce settlement last summer. His current net worth is 180.5 Billion. Bezos is closely followed by Microsoft co-founder, Bill Gates with a net worth of $113.1 billion.
At their 2019 AGM, Mukesh Ambani announced a roadmap so that Reliance could become a net-debt free company before March 31, 2021. “We have a very clear roadmap to becoming a zero net debt company within the next 18 months that is by March 31, 2021,” he had said. But the oil-to-telecom conglomerate achieved net-debt free status this month only, almost a year before its deadline.
Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. But with the Rs 1.15 lakh crore, it secured from global tech investors plus their last year’s sale of 49 percent stake in fuel retailing venture to BP Plc for Rs 7,000 crore. Raising Rs 53,124 crore by selling shares to existing investors in the past 58 days. It has become debt-free by raising a total fund of Rs 1.75 lakh crore.
“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,”. Ambani said addressing his shareholders during the meeting.
Ambani’s net worth is preceded by Facebook co-founder and current CEO Mark Zuckerberg. Whose net worth is $88.2 Billion according to the Forbes list. The next in list Software mogul, Larry Ellison with a net worth of $73.0 Billion.