India’s richest tycoon now richer than Warren Buffett
Mukesh Ambani had a rollercoaster ride in 2020, making a series of deals for his digital business, experiencing wild swings in his wealth and bringing his brother’s finances to the world.
Now he can add another chapter – eclipsing Warren Buffett’s fortune.
The president of Reliance Industries Ltd. is now worth $ 68.3 billion, surpassing Buffett’s $ 67.9 billion on Thursday, according to the Bloomberg Billionaires Index. Shares of Indian conglomerate Ambani have more than doubled since the March low, as its digital unit received more than $ 15 billion in investments from companies including Facebook Inc. and Silver Lake. This week, BP Plc paid US $ 1 billion for a stake in Reliance’s retail fuel business.
As Ambani’s wealth surged – he became the sole Asian mogul in the exclusive club of the world’s 10 richest people last month – Buffett’s fortune plummeted this week after donating $ 2.9 billion to a charity.
The 89-year-old man, known as the Oracle of Omaha, has slipped up the rankings after donating more than $ 37 billion in Berkshire Hathaway Inc. shares since 2006. Berkshire Hathaway’s stock performance has also been disappointing recently.
Ambani, 63, is now the eighth richest person on the planet, and Buffett is the ninth, according to the index, which began in 2012.
Thanks to the Ambani agreements, India has become a hotspot for mergers and acquisitions this year, accounting for more than 12% of those announced in Asia-Pacific – the highest ratio since at least 1998.