Asia’s Richest Man Mukesh Ambani Became 5th Richest Man in The World

by Shatakshi Gupta

Mukesh Ambani, the billionaire businessman and Asia’s richest person and chairman of the country’s largest company Reliance Industries in terms of market share capital, has become the 5th richest man in the world.  His wealth has increased to $ 74.7 billion.  According to Forbes, he has become richer than American business tycoons including Warren Buffett, Larry Ellison and Elon Musk.  Ambani’s wealth has increased due to the recent rise in Reliance’s share price. His wealth has increased by $ 2.9 billion.  Ambani-led Reliance Industries (RIL) stock rose on July 22.  Reliance stock crossed the Rs 2,000 mark for the first time.  In the last three months, Reliance’s share price has risen by almost 48 per cent.

These are the current top 10 rich people of the world:

 1 – Jeff Bezos: $185.8 billion

 2 – Bill Gates: $113.1 billion

 3 – Bernard Arnault & Family: $112 billion

 4 – Mark Zuckerberg: $89 billion

 5 – Mukesh Ambani: $74.7 billion

 6 – Warren Buffett: $72.7 Billion

 7 – Larry Ellison: $72.7 billion

 8 – Elon Musk: $ 71.6 billion

 9 – Steve Ballmer: $ 71.4 billion

 10 – Larry Page: $ 69.4 billion

Also read: Richest woman of India Roshni Nadar takes over as Chairperson of HCL

The real reason behind Ambani’s sudden increase in assets after April is to raise money by selling a stake in Reliance’s digital unit Jio Platforms.  In the last four months, Reliance has raised more than $20 billion in capital from investors such as Google, Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and Saudi PIF (Public Investment Fund) for Jio platforms.  Jio is now planning to bring a new smartphone to the Indian market.  With the support of Qualcomm and Google, Jio’s smartphone can be a serious threat to Chinese peers such as Xiaomi, Vivo and Oppo, who dominate the Indian smartphone market.

Ambani is changing the way of business

 Ambani is gradually shifting his focus from energy to e-commerce.  The next wave of growth and value for Ambani and Reliance shareholders is likely to come from the retail sector.  Reliance Retail is already the country’s largest chain and now it is likely to grow even more, as the richest man in Asia is focusing on becoming the retail king of India.