Mukesh Ambani breaks into 10 richest people list; ahead of Alibaba’s Jack Ma, Tesla’s Elon Musk

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June 20, 2020 4:25 PM

Mukesh Ambani added $5.83 billion to his wealth in the last 12 months and happened to be the only Indian business person in the top 10 list that has eight billionaires from the US and two from France.

Mukesh Ambani is betting big on the e-commerce opportunity.

Amid Covid-led economic gloom and downturn, Mukesh Ambani is perhaps the only person laughing all the way to the bank. Asia’s richest man and Reliance Industries Chairman Mukesh Ambani has climbed to the revered list of top 10 richest people in the world. According to the Bloomberg Billionaires Index – a daily ranking of the world’s richest people based on their net worth, Mukesh Ambani, who has recently been making headlines for raising massive war chest for his Jio Platforms, is the ninth richest person on Earth. Ambani has a net worth of $64.5 billion, one rank ahead of L’Oreal’s Francoise Bettencourt Meyers, in the list that is topped by Amazon’s Jeff Bezos, Microsoft’s Bill Gates and Facebook co-founder Mark Zuckerberg.

Mukesh Ambani has added $5.83 billion to his wealth in the last 12 months and happened to be the only Indian business person in the top 10 list that has eight billionaires from the US and two from France. China’s Jack Ma and owner of Alibaba Group is the 20th richest person in the list with a net worth of $47.6 billion.

Reliance has raised jaw-dropping Rs 1,68,818 crore including Rs 1,15,693.95 crore in investments from global investors for its Jio Platforms and Rs 53,124.20 crore in rights issue within 58 days beginning with Facebook’s investment on April 22. “The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the Covid-19 pandemic,” the company had said in a statement on Friday.

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In the order of investment amount, Facebook followed by Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton and PIF are 10 investors that betted on Mukesh Ambani amid Covid pandemic. The investment has allowed Reliance to fulfil its promise of becoming a net-debt free company before the scheduled timeline of March 31, 2020. “Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free,” the company said.

As e-commerce continues to grow at a rapid pace including grocery delivery that has benefitted the most during the lockdown, Mukesh Ambani’s is putting his money in the massive opportunity. Reliance’s online grocery venture JioMart is already live in many cities and will compete with vertical online marketplaces such as Alibaba-backed BigBasket and SoftBank-funded Grofers and horizontal players including Amazon Pantry, Flipkart Supermart etc.

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