On 5th April 2022, Mukesh Ambani was ranked as the number 1 billionaire of India by Forbes’ with a net worth of $90.7 billion. Gaining his wealth from diversified sources, he has managed to be on top of this list most of the time.
History Of Reliance Industries Ltd.
The company Reliance Industries Ltd. was founded by Dhirubhai Ambani, the father of Mukesh Ambani, as a small company engaged in textiles manufacturing. It merged into a conglomerate and expanded its business into oil, retail, telecom, and petrochemicals. This expansion has led to a boost in the company’s revenue and has made it grow into India’s largest company. Mukesh Ambani took over the business after his father passed away in 2002, and as of now, his family owns a stake of 49% in the company. The current net worth of Reliance Industries Ltd. is $233 billion.
As the chief of Reliance Industries Ltd., Mukesh Ambani, has been ranked as the wealthiest billionaire in India. The rankings have not changed in the past year, and at the second position, there is Gautam Adani, the head of Adani Group, followed by the chairman of HCL Technologies, Shiv Nadar.
Mukesh Ambani is the only Asian who made it to the top of the list of billionaires globally. His company succeeded in becoming a zero net debt company before 2022. The company’s wealth mainly comes from the energy and telecom services provided. This helps Mukesh Ambani to stay afloat in his position. However, Gautam Adani is not very far behind Mukesh Ambani. He has also been ranked as the ”Richest Telecom Entrepreneur”.
How Did Mukesh Ambani Gain His Position Back Amid The World Crisis?
The net worth of Mukesh Ambani was $90.7 billion, which is 7% up from the last fiscal year. The competition between him and Gautam Adani was close enough as Adani stood with a wealth of $90 billion. Adani took the place of Ambani in February 2022. However, Ambani managed to gain his spot as the richest billionaire in India.
Reliance Industries Ltd. counts energy as its biggest source of revenue. The recovering oil prices have played a role in lifting the stock prices of the energy sector, and that is how the stock price of Reliance Industries Ltd. went up by 3%. This added approximately $2.8 billion to the wealth of Mukesh Ambani, and that is how he surpassed Gautam Adani and reclaimed his position as the richest billionaire in India back.
The top three ranks in the Forbes’ Billionaires 2022 list have not changed in the past year, and Mukesh Ambani still stands at the first rank on the list. However, the number of billionaires in India has gone up from 140 to 166, and many people have made it to the list of billionaires. With the growth in initial public offerings that India has seen, the number of billionaires in India is bound to grow in the long run as well.