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Wednesday, June 23, 2021

The $ 80.6 billion Indian who dethroned Bernard Arnault

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Kamal Saini
Kamal S. has been Journalist and Writer for Business, Hardware and Gadgets at Revyuh.com since 2018. He deals with B2b, Funding, Blockchain, Law, IT security, privacy, surveillance, digital self-defense and network policy. As part of his studies of political science, sociology and law, he researched the impact of technology on human coexistence. Email: kamal (at) revyuh (dot) com

He became the 4th richest man in the world, leaving Europe out of the 1st “golden” quartet of billionaires

The Mukesh Ambani outlasted the richest man in Europe and made himself the fourth richest in the world.

The chairman of Reliance Industries currently has $ 80.6 billion in assets, after adding $ 22 billion this year alone, according to the Bloomberg Billionaires Index. Thus, his fortune is now greater than that of the Frenchman Bernard Arnault, owner of LVMH, who was hit by a drop in sales of luxury goods, before he had time to compensate it by reducing costs.

India’s richest man has already surpassed some of most powerful tycoons in recent weeks, including Tesla’s Elon Musk, Alphabet ‘s Sergey Brin and Larry Page, and even Oracle of Omaha, Warren Buffett.

Ambani has a huge empire in the energy sector, which has been hit by falling oil demand during the pandemic, but his company’s share price has more than doubled since March, as its digital unit took in billions through investments from companies like Facebook and Google.

He has started and is turning his attention to e-commerce and various technology giants want to get a piece of India’s huge pie. Google has announced that it will spend $ 10 billion over the next few years to help accelerate the adoption of digital technologies in the second-most populous country in the world.

Arnault, on the other hand, was the biggest loser this year among the 500 richest people in the world, as his fortune plunged by $ 25.1 billion to $ 80.2 billion.

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