Reliance Industries Chairman and India’s richest man Mukesh Ambani’s net worth fell 28% or $19 billion to $48 billion in the last two months as the Covid-19 wiped out massive amount of wealth from stock markets.
As per the Hurun Special Report on ‘wealth impact two months after coronavirus outbreak’, Mukesh Ambani’s global ranking is now down eight place to the 17th spot. He is the second major loser of wealth after French fashion company LVMH’s Bernard Arnault, whose wealth dropped by $30 billion.
Other than Reliance Industries chairman, three other Indian witnessed a huge drop in their wealth. Gautam Adani’s wealth declined by $6 billion or 37%, HCL Technologies’ Shiv Nadar suffered $5 billion and banker Uday Kotak’s dropped by 4 billion, as per the report.
“India’s top entrepreneurs have been hit by a 26% drop in the stock markets and a 5.2% drop in the value of the rupee compared with the US Dollar,” Hurun Report India Managing Director Anas Rahman said. “For Mukesh Ambani, it has been a perfect storm.”
Harun Report chairman Rupert Hoogewerf stated that the last two months have dissolved all the wealth created in more than two years “The last two months have wiped out all the wealth made in the past two and a half years, with the World’s Top 100 down 12.6% or $408 billion.”
Amazon’s Jeff Bezos remains the richest man in the world with a net worth of $131 billion, which dropped by 9% in the last two months.
Billionairs from China were among the few who gained in the last two months, and included promoters of video conferencing and pork meat producing firms. According to the report. While India lost three rankings in the top-100, china included six of their billionaires in the list.
Previously, Mukesh Ambani had lost the title of ‘Asia’s richest man to Alibaba’s Jack Ma as sharp drop in oil price and global stocks reduced has net worth by $5.8 billion.