India’s richest man Mukesh Ambani, who surged past Silicon Valley tech titan Elon Musk and Alphabet co-founders Sergey Brin and Larry Page to become the world’s fourth-richest person, has earned ₹90 crore every hour since the March lockdown this year, according to IIFL Wealth Hurun India Rich List 2020.
Mukesh Ambani’s personal wealth rose by ₹2,77,700 crore to ₹6,58,400 crore with the Reliance Industries MD and chairman retaining the richest Indian title for the ninth consecutive year, IIFL Wealth Hurun India Rich List 2020 mentioned.
Mukesh Ambani, Hurun said, is the only Indian to feature in the top 5 on the global rich list. Mukesh Ambani’s total wealth, which is now bigger than the combined wealth of the next five in the list, making him Aisa’s richest individual and fourth richest man across the world, according to the report.
The chairman and the MD at the oil-to-telecom major Reliance Industries saw his total wealth surging 73% in last 1 year, IIFL Wealth Hurun India Rich List 2020 said.
Ambani’s valuation improved by 85%
At the beginning of the coronavirus pandemic, Mukesh Ambani’s wealth dropped by 28% to ₹3,50,000 crore and then backed by a series of fund raising and strategic investment from Facebook, Google, Silver Lake among others into Jio and Reliance Retail, his valuation improved by 85% in just a period of four months.
Despite the ongoing Covid-19 lockdown, the Reliance’s market cap crossed ₹10 lakh crore and registered a 73% increase in Mukesh Ambani’s wealth.
Meanhwile, the scorching rally in Reliance Industries Ltd.’s shares is becoming a problem for India’s equity mutual funds. The stock has more than doubled from a March low, thanks to Ambani’s fundraising blitz. The run up has increased the firm’s weighting in the S&P BSE Sensex to 17.4%, from 11% at the end of 2019.
Take a look at the top 10 in the Hurun India Rich List 2020:
All about the Hurun India list
The Hurun India list is a compilation of the richest individuals in India having a wealth of ₹1,000 crore or more as on August 31 this year. In Hurun India’s 2020 edition, the list has 828 Indians.
“The IIFL Wealth Hurun India Rich List is a barometer of the Indian economy, helping us understand which industries have gone up, innovated or gone down. The stories of these entrepreneurs tell the stories of India’s modern businesses,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India, stated commenting on the launch.
“As much as 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani’s meteoric success post diversifying from oil to telecom and retail. A further 21 per cent of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19,” Hurun India added.
