Ambani’s wealth up at Rs 90 crores per hour during lockdowns

30th September 2020

30th September 2020

Since "March lockdown," the wealth of Mukesh Ambani, Asia's richest man has grown at the rate of Rs 90 crore per hour as per IIFL Wealth Hurun India Rich List 2020.

When the whole economy was busy facing the challenges thrown by the pandemic, the Chairman of Reliance Industries was dealing with investors to convince them in investing billions of dollars in Jio Platforms.

Ambani's wealth has reached the mark of Rs 6.6 lakh crore and in which Rs 2.78 lakh crore were accumulated after lockdown and he continues to be the richest man in the country for 9th year running with the net wealth of Rs 6,58,400 crore.

The wealth of Ambani had dropped to Rs 3,50,000 crore by 28% at the beginning of the pandemic but then it gained a “V-shaped recovery” and his wealth increased by 85% by a series of funding and strategic investment from Google, Facebook, and other investors into Reliance Retail and Jio platforms.

The stock market fluctuations primarily helped the billionaire in regaining his wealth. Mukesh Ambani's wealth registered an increase of 73% when the m-cap of RIL crossed the mark of Rs 10 lakh Cr.

“Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list”, said Hurun India's MD and Chief Researcher, Anas Rahman Junaid.

With the wealth of  Rs 1.43 lakh crore, the Hinduja brothers got the second spot on the list. Their valuation saw a decline of 23% as the share price of their flagship companies like GOCL Corporation Limited, Gulf Oil, and IndusInd Bank came down by 19%, 12%, and 54% respectively.

The brothers reside between Mumbai, Geneva, and London.

The third spot has been achieved by the founder of HCL, Shiv Nadar with a wealth of Rs 1,41,700 crore. With the wealth of Rs 1,40,200 crore, Gautam Adani & family stands at the fourth spot. The 5th, 6th, 7th, 8th, 9th, and 10th, positions have been occupied by Wipro's Aziz  Premji, Serum Institute's Cyrus S Poonawalla, Avenue Supermarts' Radhakishan Damani, Kotak Bank's Uday Kotak, Sun Pharma's Dilip Shangvi, Shapoor Pallonji, and Cyrus respectively.

India has 179 dollar-billionaires according to the list and the number is up 3 times since 2013 when Hurun India was started.

Hurun said the percentage of self-made entrepreneurs is up at 64% from 54% five years ago while 90% of the businesses on the list are family-run.

 

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