Reliance Industries Limited Chairman and Managing Director Mukesh Ambani has become the fourth-richest person in the world, overtaking Europe’s wealthiest man. Ambani is now worth $80.6 billion after making $22 billion in 2020, according to the Bloomberg Billionaires Index.
Ambani's net worth took him past 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.
India’s richest person has already surpassed some of the biggest tycoons in recent weeks, a list that includes Silicon Valley titans such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the so-called Oracle of Omaha himself, Warren Buffett.
While the conglomerate with a huge energy empire was slammed by a slump in demand for oil amid the coronavirus pandemic, RIL's 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.
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 last month said 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.
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