Mukesh Ambani

Mukesh Ambani Becomes the World’s Fifth Richest Man

In a recent report, Mukesh Ambani was recently called the 6th Richest Man in the world, ahead of Elon Musk and Larry Page.

As per the sources, Indian Businessman and Founder, and Chairman of Reliance Industries Mukesh Ambani has become the world’s fifth-richest person with a fortune of $74.7 billion. Presently,  according to Forbes Real-Time Billionaires List, he is wealthier than other famous business tycoons including Warren Buffett, Larry Ellison, and Elon Musk. Mukesh Ambani became World’s Fifth Richest, Just After Facebook Co-Founder and CEO, Mark Zuckerberg. The estimated Mr. Ambani’s wealth is at $75 billion that is Rs 5.61 lakh crore as per today’s dollar to rupee value.

The recent rally in Reliance’s share price have been a boost and added to Mr. Ambani’s wealth. He has added about almost $2.9 billion to his net worth. Shares surged to a new high on July 22, 2020, when they crossed the ₹2,000 marks. It was soon after that RIL shares touched an all-time high mark for the first time of Rs 2,010 per share. In the last three months, the RIL’s stock price has grown around 48%.

In the recent interview, Mr. Ambani stated saying Reliance Industries is now “in its golden decade”. He said this as his group became a net debt-free way ahead of its target of March 2021.

On his group reaching the milestone, he said, “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,”

Reliance was originally founded by Mukesh Ambani’s late father Dhirubhai Ambani, in 1966 as a small textile manufacturer. It was soon after his father’s death in 2002 that both his sons, Mukesh Ambani and Anil Ambani divided up the family empire. In the year 2016, Reliance had sparked a price war in India’s telecom market with the launch of 4G phone service Jio. This brought tremendous change in the hyper-competitive telecom industry of the country. Jio since then has signed on more or less 340 million customers. This has been possible by offering free domestic voice calls, extremely cheap data services, and free smartphones.

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