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Saturday, November 27, 2021

Mukesh Ambani adds 37 billion dollar wealth during coronavirus crisis when millions of people lost job

Mukesh Ambani, chairman of Reliance Industries Limited-RIL, has gained a lot in the lockdown. He is the only Indian businessman who managed to expand his business forcefully during the lockdown. Not only did he mobilize a number of veteran investors like Facebook, Google, but he also acquired many big businesses himself. As a result, he remains India’s richest person in Forbes’ list for the 13th consecutive year.

Ambani’s business empire has grown tremendously in the last ten years. Mukesh Ambani’s wealth figure could soon cross a hundred billion dollars. Forbes has declared his current net worth at $ 88.7 billion. In 2010 it was just $ 27 billion. India had an average annual salary (Rs 1,62,744) in 2018, but Ambani’s annual income was 72 lakh times more than this. The basis of this information is a study done by Azim Premji University that year. In 2019, Ambani earned assets at an average of $ 4.5 million a day. Ambani’s wealth grew at a rate of $ 31,202 per minute. This year his wealth increased by a total of $ 16.4 billion.

The Forbes list of the richest Indians (2020) lists the top 10 names and their net worth (net worth):

  1. Mukesh Ambani; US$88.7 billion
  2. Gautam Adani; $25.2 billion
  3. Shiv Nadar; $20.4 billion
  4. Radhakishan Damani; $15.4 billion
  5. Hinduja brothers; $12.8 billion
  6. Cyrus Poonawalla; $11.5 billion
  7. Pallonji Mistry; $11.4 billion
  8. Uday Kotak; $11.3 billion
  9. Godrej family; $11 billion
  10. Lakshmi Mittal; $10.3 billion

Forbes says that despite the closure of all activities during the lockdown, one reason for the increase in wealth of Dhankubers is also the decision of the Modi government to reduce corporate tax. Last year, the government reduced it from 35 to 25 percent. Because of this, traders got an opportunity to save big and invest that money in business.

Mukesh Ambani had a net worth of $ 51.4 billion in the 2019 Forbes list. That is, $ 37.3 billion less than in 2020.

Forbes list of the richest Indians (2019) lists

  1. Mukesh Ambani; US$51.4 billion
  2. Gautam Adani; $15.7 billion
  3. Hinduja brothers; $15.6 billion
  4. Pallonji Mistry; $15 billion
  5. Uday Kotak; $14.8 billion
  6. Shiv Nadar; $14.4 billion
  7. Radhakishan Damani: $14.3 billion
  8. Godrej family; $12 billion
  9. Lakshmi Mittal; $10.5 billion
  10. Kumar Birla; $9.6 billion

On the other hand, the earnings of ordinary Indians can be gauged from these results of PLFUS (Periodic Labor Force) Survey 2017-18.

Bloomberg recently named Mukesh Ambani the world’s fourth-richest man with assets of $ 80.6 billion.

According to the list of IIFL Hurun India, Mukesh Ambani’s wealth has increased by 73 percent.

Source: www.jansatta.com

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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