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Mukesh Ambani leapfrogs Warren Buffet to become the fifth richest person

With recent investments in Reliance Jio platforms, Mukesh Ambani steps up to gain 5th spot in the top 10 list of billionaires in the world.

Mukesh Ambani has been making headlines after his firm, Reliance Jio, a subsidiary of Reliance Industries Ltd (RIL), established ties with giant companies like Facebook, Qualcomm, Google and many others. The recent investment contributed to his net worth and made him the fifth richest person in the world.

Mukesh Ambani surpassed Warren Buffet, CEO of Berkshire Hathaway, and currently sits in the fifth position with a net worth of $80.5 billion. Ambani is just $4.5 billion behind Facebook founder, Mark Zuckerberg, who occupies the fourth spot. Despite the pandemic striking the globe, Mukesh Ambani has enjoyed the riches, with his net worth increasing with the recent investments.

The eminent businessman of the country, Mukesh Ambani, broke into the top 10 list in June. Within a few weeks of July, Ambani surpassed Warren Buffet, Steve Ballmer and Elon Musk to gain the current position. RIL share hit the new record when it reached Rs 2010 per share on the Bombay Stock Exchange on July 22. The surge alone helped Ambani to raise his net worth by $1.2 billion.

On the other hand, Tesla’s founder, Elon Musk, borrowed the fifth place from Mukesh Ambani for a while when Tesla’s hit new heights. However, the subsequent losses on the same day resulted in him falling to the 10th position in the top 10 billionaires list.

When asked about his success, Mukesh Ambani said:

“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31 2021”

He also said that the Reliance Group of Industries is in its “golden decade” with more ambitious goals to success. He also attributed his success to his team, which is in the very DNA of Reliance.

During Reliance Industries’ annual general meeting earlier this month, Ambani said

The company will “induct global partners and investors in Reliance Retail in the next few quarters.”

Soon after, the news of Amazon reportedly in talks with Reliance Retail came to the forefront. Both the parties refused to comment at the moment.

The news is a breakthrough from a different standpoint as the top ten list usually consisted of Americans or Britishers. He broke the norm and became the only Asian in the top 10 billionaires of the world. The second richest Asian, Ma Huateng, also known as Pony Ma, stands 18th in the list of billionaires.

As of date, Jeff Bezos bags the top position with a net worth of $178.6 B. He is followed by Bill Gates, founder of Microsoft, with a net worth of $112.7 B. The third place is occupied by luxury group LVMH Moet Hennessy Louis Vuitton’s chief Bernard with a net worth of $112.1 B.

Despite many businesses facing a setback due to the pandemic and are unable to bear the brunt, Mukesh Ambani’s decision making has been top-notch for Reliance Industries Ltd. His appropriate investments have lifted his stature and made him the fifth richest man across the globe.

Varun Aithal
Varun Aithal
A keen observer of polity, football and cricket, Varun is a Mechanical Engineer by profession and a content developer by passion. Being an Engineer, he loves to teach and learn Mathematics. He is a firm believer of learning new things every day. He also enjoys reading books related to self-help, philosophical and fantasy thrillers.
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