Asia's richest man joins the $100 billion club

Indian businessman Mukesh Ambani, Asia's richest man, has joined a small club of people with a fortune of at least $100 billion, including billionaires Jeff Bezos and Elon Musk.

Indian billionaire Mukesh Ambani
Indian billionaire Mukesh Ambani

According to the Straits Times, the chairman of India's Reliance Industries group is among the 11 super-rich after its shares surged to a record high on Oct.

According to the Bloomberg Billionaires Index, Ambani is now worth $100.6 billion, after growing his fortune to $23.8 billion this year alone.

Since inheriting an empire of refining and petrochemical businesses from his late father in 2005, 64-year-old Ambani has sought to transform the energy giant into a retail, tech and ecommerce. His telecom company, which started offering services in 2016, is now the dominant carrier in the Indian market.

Ambani's retail and technology ventures raised about $27 billion last year, selling shares to investors ranging from Facebook and Google to KKR & Co and Silver Lake.

In June this year, Mr. Ambani announced an ambitious project to invest in green energy, with a planned investment of about 10 billion USD over 3 years. And last month, the tycoon said his company would "actively" pursue cheaper green hydrogen production.

The plan is in line with Prime Minister Narendra Modi's ambition to turn India into a global manufacturing hub for clean fuels to combat climate change and reduce the nation's energy imports. world third.

While Mr Ambani's announcement is seen as an acknowledgment that his group needs to look beyond oil to bolster its future, fossil fuels remain central to its operations. of Reliance, accounting for nearly 60% of the group's $73 billion in annual sales. .

“Mukesh Ambani is at the forefront of creating new businesses with emerging technologies,” said Chakri Lokapriya, Investment Director of TCG Asset Management in Mumbai. Creating businesses that scale at lightning speed creates execution challenges, but he's proven to be."

Reliance's success story dates back to the late 1960s, when Dhirubhai Ambani, who started out as a gas station attendant in Yemen, started building his polyester business into a sprawling empire.

When he died of a stroke in 2002 without leaving a will, an inheritance dispute broke out between his two sons, Mukesh and Anil, 62. The dispute was eventually resolved by the mother, Ms. Kokilaben, in 2005.

Under the armistice, Mukesh took control of leading refining and petrochemical businesses, while his younger brother took control of newer sectors such as power generation, financial services and telecommunications services. Mr. Anil - a former billionaire - testified before a London court last year that his net worth is "0".

Indian billionaires are among the biggest gainers on the world's richest list, as India's best-performing stock market in Asia this year was boosted by offerings initial public offering (IPO).

Gautam Adani, founder of coal-fired and renewable energy giant Adani Group, has added $39.5 billion to his fortune this year, while India's third-richest man, the tech mogul Azim Premji, saw his fortune increase by $12.8 billion.

The richest person on the planet, Amazon's billionaire Jeff Bezos with a fortune of over $200 billion. Photo: Getty Images
The richest person on the planet, Amazon's billionaire Jeff Bezos with a fortune of over $200 billion. Photo: Getty Images

Also according to the Bloomberg Billionaires Index, the remaining 10 people with assets worth over 100 billion USD in the world include: Jeff Bezos with 200.7 billion USD; Elon Musk with $ 198.9 billion; Bernaud Arnault (French businessman, owner of LVMH brand) with 163.6 billion USD; Bill Gates has a net worth of $153.6 billion; Larry Page (Google co-founder, CEO of Alphabet - Google's parent company) with 128.1 billion USD; Mark Zuckerberg (co-founder, CEO of Facebook) with a fortune of 126 billion USD; Sergey Brin (Google co-founder) owns 123.6 billion USD; Steve Ballmer (US investor, former CEO of Microsoft) - $107.6 billion; Larry Ellison with $103.8 billion and Warren Buffett $102.6 billion.

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