Battle of billionaires: Mukesh Ambani pips Gautam Adani as India's richest man

In the last few months, Adani had been India’s richest man after a massive surge in Adani Group company stocks. Now, Ambani is back in the top position

FPJ Web DeskUpdated: Friday, June 03, 2022, 03:26 PM IST
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Gautam Adani, Chairman of the Adani Group (left) and Reliance Industries Limited (RIL) Chairman Mukesh Ambani | FPJ Photo

Reliance Industries Limited (RIL) Chairman Mukesh Ambani is the richest man in India and Asia once again, beating his rival Gautam Adani, Chairman of the Adani Group, after several weeks of being in the second position.

In the last few months, Adani had been India’s richest man after a massive surge in Adani Group company stocks. Now, Ambani is back in the top position.

Worldwide, according to Forbes Real-time billionaire list, Ambani has bagged the sixth position with a 6.21% increase of $6.1 billion taking the overall net worth to $104.3 billion.

Meanwhile Adani’s net worth grew by 0.66% to $99.9 billion taking him to the ninth position.

According to Bloomberg Billionaire Index, Tesla boss Elon Musk is the world's richest with $227 billion wealth, followed by Amazon's Jeff Bezos with $149 billion, LVMH's Bernard Arnault with $138 billion, and Microsoft co-founder Bill Gates with $124 billion. Legendary investor Warren Buffett comes fifth with a net worth of $114 billion.

Ambani chairs and runs Reliance Industries, which has interests in petrochemicals, oil and gas, telecom and retail.

Almost 60% of Reliance’s revenue comes from oil-refining and petrochemicals, although the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications and technology.

Ambani has been profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy.

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