Billionaire Mukesh Ambani is now the world's fourth-richest man who has surged past Europe's wealthiest man, making him the world's fourth-richest person.
According to the Bloomberg Billionaires Index, Reliance Industries Limited chairman's net worth now stands at $80.6 billion, after accumulating $22 billion this year. This latest accumulation has given him a bigger wealth pile than France's Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered from customers curbing high-end fashion purchases faster than the company can cut costs.
Only three names featured ahead of Ambani -- Jeff Bezos, Bil Gates, and Mark Zuckerberg. According to the list that shows the ranking of the world's richest people, Ambani is wealthier than Bernard Arnault, Warren Buffett, Steve Ballmer, Larry Page, Sergey Brin, Elon Musk, and more.
While the conglomerate with a huge energy empire was slammed by a sink in demand for oil amid Covid-19, its shares have more than doubled from a low in March as its digital unit got billions in investments from companies including Facebook Inc. and Google.
Also Read: How did Reliance Industries Limited become world’s 2nd biggest brand after Apple?
Ambani has slowly been shifting his focus to e-commerce, with tech giants seeking to take a piece of India’s fast-growing digital business. Google said last month it will spend $10 billion in the coming years to help accelerate the adoption of digital technologies in the world’s second-most populous nation.
Meanwhile, with LVMH shares down this year, Arnault has become the biggest loser among the world’s 500 richest people. His net worth has plunged $25.1 billion to $80.2 billion.