Mukesh Ambani, Asia’s richest man has entered a new league of wealth and set a new milestone for business tycoons. According to the Bloomberg Billionaires Index, Mukesh Ambani is not the 9th richest man alive in the world. This sudden jump in rankings comes despite a nationwide lockdown in India, and as India is suffering from the economic crunch. Mukesh Ambani owns multiple businesses, and recently Reliance’s Jio of which he owns 42% acquired more investments from companies making it net debt-free before its target, which was in March 2021.
Jio’s stake was low during the end of March but blossomed over the lockdown as Facebook Inc., General Atlantic, and Silver Lake Partners invested $15 billion over a few months. Reports say that Jio will have a market share of 48% or more by 2025. All these developments lead to Mukesh Ambani taking the 9th spot in the list of World’s 10 Richest People. The 63-year-old businessman lives in Mumbai in his house called Antilla, which has become a tourist attraction for people visiting Mumbai.
The unique structure of the building attracts people. It has three rooftop helipads, 168 car parking facilities, a movie theater, a grand luxurious ballroom with chandeliers, three floors of hanging gardens, a yoga studio, and a health spa and fitness center. This is a perfect example of the crisis in India as the top 10% of the people own approximately 90% of the wealth in India. India is headed towards its worst recession in modern history, and still, the rich are getting richer.
After oil prices dipped over the last few months, the stake in Reliance’s oil and chemical division was unassured. Mukesh Reliance has been growing ever since he parted ways with his brother Anil after his father’s death. Anil’s Reliance filed for bankruptcy last year while Mukesh Ambani in a general body meeting of his Reliance, called it the “golden decade of Reliance.” His empire has been growing exponentially over the years, and he credits digitization for it; he says that no power can stop India’s growth, and it seems to be so on paper at least as he enters a new league of money.