Mumbai: Mukesh Ambani, the Chairman of the Reliance Industries Ltd. has surpassed investing legend Warren Buffett in the world’s richest sweepstakes, shows the Forbes Real Time Billionaire Index, on Friday.
According to the data, Ambani’s net worth stands at $70.1 billion, with a rise of $2 billion, compared to Buffett, whose net worth stands at $67.8 billion, is now perched at seventh. Ambani is also the only Asian to feature in the top 10.
Ambani’s surge is an outcome of a rapid rise in the share prices of Reliance Industries, which has more than doubled since March. The stock has risen following a series of investments in its Jio Platforms unit, including by Facebook, Sovereign wealth fund, Abu Dhabi Investment Authority, Private equity players KKR and Vista Equity Partners.
Meanwhile Buffett, who was the world’s second richest individual for the longest time, has not witnessed much change in his net worth recently with his Berkshire Hathaway investment firm under-performing indices over the past decade.
Jeff Bezos, the founder of Amazon is the world’s richest individual, with a net worth of $188.2 billion.