Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani is now the fourth-richest person in the world, after surging past Bernard Arnault, chairman and CEO of LVMH Moet Hennessy Louis Vuitton, according to the Bloomberg Billionaires Index.
Reliance Industries Ltd.’s chairman is now worth $80.6 billion, after amassing $22 billion this year, according to the Bloomberg Billionaires Index. That gives him a bigger wealth pile than France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered from customers curbing high-end fashion purchases faster than the company can cut costs.
Oil-to-telecom conglomerate Reliance Industries’ shares have broken a series of records over the past few weeks, boosted by a series of investments in its digital services arm, Jio Platforms.
India’s richest person has already surpassed some of the biggest tycoons in recent weeks — a list that includes Silicon Valley titans such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the so-called Oracle of Omaha himself, Warren Buffett.