Mukesh Ambani’s personal wealth increased by ₹2,77,700 crore to ₹6,58,400 crore with Reliance Industries MD and president retaining the richest Indian title for the ninth year in a row, mentioned IIFL Wealth Hurun India Rich List 2020.
Mukesh Ambani, Hurun said, is the only Indian to make the top five on the world’s rich list. Mukesh Ambani’s total wealth, which is now greater than the combined wealth of the next five on the list, making him the richest individual in Aisa and the fourth richest man in the world, according to the report.
The president and CEO of Reliance Industries, the leading oil and telecommunications company, saw their total wealth increase 73% in the past year, IIFL Wealth Hurun India Rich List 2020 said.
Ambani’s assessment improved by 85%
At the beginning of the coronavirus pandemic, Mukesh Ambani’s wealth was reduced by 28% to ₹3.50,000 crore and then backed by a series of fundraising and strategic investment from Facebook, Google, Silver Lake, among others, in Jio and Reliance Retail, its valuation improved by 85% in just a four-month period.
Despite Covid-19’s ongoing lockdown, Reliance’s market capitalization crossed ₹10 lakh crore and recorded a 73% increase in wealth from Mukesh Ambani.
Meanwhile, the searing rally in Reliance Industries Ltd. shares is becoming a problem for Indian stock mutual funds. The stock has more than doubled from a March low, thanks to the Ambani fundraising blitz. The rise has increased the company’s weighting on the S&P BSE Sensex to 17.4%, from 11% at the end of 2019.
Take a look at the top 10 on the Hurun India 2020 Rich List:
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Now, take a look at India’s Top 5 Billionaires
one) Mukesh Ambani
Wealth: ₹6.58.400 crore
Change in wealth since 2019: 73%
Company: Reliance Industries
two) Hinduja Brothers
Wealth: ₹1,43,700 crore
Change in wealth since 2019: -23%
Company: Hinduja
3) Shiv Nadar and family
Wealth: ₹1,41,700 crore
Change in wealth since 2019: 34%
Company: HCL
4) Gautam Adani and family
Wealth: ₹1,40,200 crore
Change in wealth since 2019: 48%
Company: Adani
5) Azim Premji and family
Wealth: ₹1,14,400 crore
Change in wealth since 2019: -2%
Company: Wipro
All about the Hurun India roster
Hurun India’s list is a compilation of the richest people in India who have a lot of ₹Rs 1,000 crore or more on August 31 this year. In the 2020 edition of Hurun India, the list has 828 Indians.
“The IIFL Wealth Hurun India Rich list is a barometer of the Indian economy that helps us understand which industries have risen, innovated or fallen. The stories of these entrepreneurs tell the stories of modern Indian companies, “said Anas Rahman Junaid, MD and Chief Investigator for Hurun India, commenting on the launch.
Mukesh Ambani has awarded up to 28% of the wealth increase on the list, demonstrating Ambani’s meteoric success in diversifying from oil to telecommunications and retail. Another 21% of the additional wealth has been generated by the pharmaceutical industry, mainly due to increased spending on healthcare and a realigned priority towards personal healthcare stimulated by Covid-19, “added Hurun India.
Source: IIFL Wealth Hurun India Rich List 2020
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