India’s richest man has lost his place amongst the top 10 richest billionaires in the world as Covid-19 wiped off Indian stock markets.
Ambani is no longer the tenth richest man in the world or even Asia’s richest man. He lost this title of Asia’s richest man to Alibaba founder and Chinese billionaire Jack Ma who is worth $38.8 billion, according to Forbes.
Mukesh Ambani has now become the world’s 21st richest person after slipping 12 spots from his previous rank in 2019. However, he continues to be the richest person in India.
The sudden fall in Ambani’s wealth is because of the coronavirus pandemic. In fact, one in every two rich people on the planet have lost their wealth as compared to last year due to coronavirus.
Meanwhile, Amazon founder Jeff Bezos is the richest person despite parting with a massive fortune due to his divorce. Microsoft co-founder Bill Gates is the second wealthiest with $98 billion fortunes and French fashion mogul Bernard Arnault is the third richest with $76 billion of fortunes.
The Ambanis however took advantage of the immense meltdown in stock prices to increase stake in the company, Reliance Industries. His net worth saw a marginal increase after the Ambani family — Mukesh and Nita Ambani and their three children — raised stake.
RIL’s shares — which have been trading above ₹1000 a piece — saw a 39% decline in March during the massive sell off triggered by Coronavirus. However, the share price regained the market after the company board, an oil-to-telecom-to-retail conglomerate with a market cap of $90 billion.