Mr Ambani cracked the group of the 10 richest people just last month surpassing Warren Buffett, now ranked No 7. Reuters
Mr Ambani cracked the group of the 10 richest people just last month surpassing Warren Buffett, now ranked No 7. Reuters
Mr Ambani cracked the group of the 10 richest people just last month surpassing Warren Buffett, now ranked No 7. Reuters
Mr Ambani cracked the group of the 10 richest people just last month surpassing Warren Buffett, now ranked No 7. Reuters

Economy

Mukesh Ambani now world’s fifth-richest person with $77bn net worth

The world’s second-wealthiest Asian is Tencent Holdings co-founder Pony Ma, who currently ranks 18th

Bloomberg

July 24, 2020

  • English
  • Arabic

For years, the world’s five richest people comprised a little-changed group dominated by Americans, a European or two and, occasionally, a Mexican.

That changed on Thursday, when India’s Mukesh Ambani overtook Steve Ballmer to become the fifth-wealthiest person on the planet, with a net worth of $77.4 billion. The jump in ranking is just the latest milestone for Ambani, 63, whose fortune has surged by $18.8bn since the beginning of the year.

The Reliance Industries chairman has jumped nine places on the Bloomberg Billionaires Index since January as shares of his conglomerate have risen 135 per cent from a low in March, buoyed by recent investments from firms including Facebook, Silver Lake and BP. Mr Ambani’s dealmaking has helped make India a bright spot for M&A during an otherwise barren year, with Indian news channel ET Now reporting that Amazon.com is in early talks for a stake in Reliance’s retail division.

Mr Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No 7. He overtook Elon Musk and Google co-founders Sergey Brin and Larry Page days later.

Billionaires: The world's richest people as of July 24, 2020

  • No 1 JEFF BEZOS: Total net worth: US$202 billion. AFP
    No 1 JEFF BEZOS: Total net worth: US$202 billion. AFP
  • No 2 BILL GATES: Total net worth: US$125 billion. Getty Images via AFP
    No 2 BILL GATES: Total net worth: US$125 billion. Getty Images via AFP
  • No 3 ELON MUSK: Total net worth: US$115 billion. AP
    No 3 ELON MUSK: Total net worth: US$115 billion. AP
  • No 4 MARK ZUCKERBERG: Total net worth: US$111 billion. AFP
    No 4 MARK ZUCKERBERG: Total net worth: US$111 billion. AFP
  • No 5 BERNARD ARNAULT: Total net worth: US$85.7 billion. AFP
    No 5 BERNARD ARNAULT: Total net worth: US$85.7 billion. AFP
  • No 6 WARREN BUFFET: Total net worth: US$82.5 billion. AFP
    No 6 WARREN BUFFET: Total net worth: US$82.5 billion. AFP
  • No 7 STEVE BALLMER: Total net worth: US$80.8 billion. AP Photo
    No 7 STEVE BALLMER: Total net worth: US$80.8 billion. AP Photo
  • No 8 MUKESH AMBANI: Total net worth: US$79.8 billion. AFP
    No 8 MUKESH AMBANI: Total net worth: US$79.8 billion. AFP
  • No 9 LARRY PAGE: Total net worth: US$77.3 billion. Getty Images / AFP
    No 9 LARRY PAGE: Total net worth: US$77.3 billion. Getty Images / AFP
  • No 10 SERGEY BRIN Total net worth: US$74.9 billion. Getty Images / AFP
    No 10 SERGEY BRIN Total net worth: US$74.9 billion. Getty Images / AFP

The world’s second-wealthiest Asian is Tencent Holdings co-founder Pony Ma, who currently ranks 18th. Billionaires from the region have outperformed their peers from elsewhere this year, with the exception of Australia and New Zealand, according to the Bloomberg index, a ranking of the world’s 500 richest people. The wealthiest Asian tycoons have increased their collective fortune by 18 per cent, compared with gains of 7 per cent for their counterparts in the US and Canada.

While Mr Ambani’s rise has been remarkable, Amazon.com founder Jeff Bezos’s fortune has surged the most this year, adding $62.7 billion.

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.