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India’s richest man became even richer in the past year

Mukesh Ambani, chairman and managing firector of Reliance Industries, gestures as he answers a question during a media interaction in New Delhi, India, June 15, 2017.
Reuters/Adnan Abid
Richie rich.
  • Niharika Sharma
By Niharika Sharma

Reporter

Published

Mukesh Ambani’s wealth surged 73% in the 12 months ending August as he continued to be at the top of the Hurun India Rich List 2020 for the ninth consecutive year.

The total wealth of Ambani, who is chairman of India’s most valued private firm Reliance Industries, is now estimated at Rs6.58 lakh crore ($98.9 billion).

The 63-year-old is the richest individual in Asia and the fourth richest in the world, as per Hurun.

Other individuals on the India list include Hinduja brothers, Gautam Adani and family, and Wipro chairman Azim Premji.

The cumulative value of the 828 Indians on the list stood at $821 billion, an increase of $140 billion over the 2019 count, a large part of which was due to the rise in the share price of Reliance Industries.

“28% of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani’s meteoric success post diversifying from oil to telecom and retail. A further 21% of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19,” said Anas Rahman Junaid, managing director and chief researcher, Hurun India.

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