$72 billion net worth makes Mukesh Ambani world’s sixth richest person – Business Insider
  • Mukesh Ambani’s $72 billion net worth has made him the sixth richest person in the world.
  • He is now richer than Tesla founder Elon Musk ($68.6 billion) and Google founders Larry Page and Sergey Brin.
  • Just four days ago, Ambani — who runs oil-to-telecom conglomerate Reliance Industries — became richer than stock legend Warren Buffet. 
  • Visit Business Insider’s homepage for more stories.

Indian business magnate Mukesh Ambani isn’t just the richest man in Asia; he has now become the world’s sixth-richest person.

His $72.4 billion fortune now places him ahead of Tesla founder Elon Musk, whose net worth is $68.6 billion, as well as Google founders Larry Page and Sergey Brin, according to Bloomberg.

Ambani is the director, chairman, and largest shareholder of oil-to-telecom conglomerate Reliance Industries Industries Ltd.

The sudden surge in Ambani’s wealth since April can be attributed to his three-year-old telecom arm Reliance Jio.

Over the last 10 years, he has regularly held the title of India’s richest person on Forbes magazine’s list but, just four days ago, Ambani became richer than stock legend Warren Buffet, after Reliance’s stock rallied in the market.

Since then, Ambani has added another $4.1 billion to that figure.

It has raised over $15.6 billion in the last four months, from Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, and Saudi PIF.

This has boosted Reliance share prices by 25.8% since January with analysts anticipating even bigger gains in the near future.

Ambani is said to be in talks with Microsoft and Google for further investments in Jio.

In the last decade, Ambani has doubled his wealth and, in 2020, even as India’s richest are losing money he’s only earning more.

According to Bloomberg, Ambani is slowly shifting his focus from energy to e-commerce.

The next wave of growth for Ambani and Reliance’s shareholders will likely come from retail.

Reliance Retail is already the country’s largest chain and is now likely to get even bigger, as Asia’s richest man focusses on becoming India’s retail king.

Read the original article on Business Insider India. Copyright 2020.

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