‘Mukesh Ambani’s Wealth Falls 28%, Not Among Top 10 Richest’

Mukesh Ambani (File Image) - Sakshi Post

As the coronavirus crisis erodes stock markets and share values, Reliance Industries' Chairman Mukesh Ambani's wealth has declined by $19 billion (Rs 1.33 lakh crore) or 28 percent, according to a report by Hurun Research.

The report said, with the fall in his net worth, Mukesh Ambani is not among the top 10 richest persons in the world. He is now the 17th richest in the world along with Michael Bloomberg. Anas Rahman Junaid, MD & Chief Researcher, Hurun Report India, said: "India's top entrepreneurs have been hit by a 26 percent drop in the stock markets and a 5.2 percent drop in the value of the Rupee compared with the US Dollar. For Mukesh Ambani, it has been a perfect storm, with his wealth down 28 percent."

The report noted that he lost over $300 million a day these past two months. The recent fall impacted businesses across the world and three other Indian corporates who were among the Hurun Top 100 were dropped off the list. The three were Gautam Adani, whose net worth is down 37 percent or $6 billion, Shiv Nadar (down 26 percent or $5 billion) and Uday Kotak (down 28 percent or $4 billion). Only 9 percent of the Hurun Global Top 100 saw their wealth increase, 86 percent saw their wealth decrease and 5 percent were unchanged.

It said that the stock markets across the world have dropped significantly in the past two months, with the Dow Jones down 21 percent, India, France, Germany and the UK down a quarter, Japan down 18 percent and Hong Kong down 10 percent. The only major stock market to see again was China, up 0.2 percent.

Rupert Hoogewerf, Hurun Report Chairman and chief researcher, said: "The last two months have wiped out all the wealth made in the past two and a half years, with the World's Top 100 down 12.6 percent or $408 billion, equivalent to each of the Hurun Top 100 losing $75mn a day." (IANS)

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