Money rush is a kind of racing which has no end. Mukesh Ambani, the Indian businessman has become the fifth wealthiest person in the world with a fortune of $74.7 billion in his strongbox. He is now richer than American business magnates including Warren Buffet, Larry Ellison and Elon Musk, according to Forbes.

The recent demonstration in Reliance’s share price has added to Ambani’s wealth. Shares of Ambani led- Reliance Industries (RIL) surged to a new high on July 22, as they crossed the Rs 2000-mark for the first time. RIL shares met an all-time high of Rs 2,010 per share. In the last three months, RIL stock price has risen up to 48%.

Top 10 richest people in the world, as of July 22, according to Forbes

Jeff Bezos$185.8 Billion
Bill Gates$113.1 Billion
Bernard Arnault and family$112 Billion
Mark Zuckerberg$89 Billion
Mukesh Ambani$74.7 Billion
Warren Buffet$72.7 Billion
Larry Ellison$72.7 Billion
Elon Musk$71.6 Billion
Steve Ballmer$71.4 Billion
Larry Page$69.4 Billion

The reason behind this immediate surge in Ambani’s wealth since April is because his three-year-old telecom arm Reliance Jio has raised more than $20 Billion in the last four months from Google, Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Saudi PIF (Public Investment Fund), and so on.

Jio is now planning to work on a new smartphone for the Indian Market. The news is circulating on the internet that these smartphones would be able to rule in India’s smartphone market.

According to Bloomberg, Ambani is gradually shifting his focus from energy to e-commerce. The next tide of growth and value for Ambani and Reliance’s shareholders is apparent from the retail vertical. Reliance Retail is already the nation’s longest chain and now to be expected to get even gigantic, as Asia’s richest man concentrates on becoming India’s retail king.

Credits: Business Insider


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