Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani is now richer than Warren Buffet in terms of net worth. Ambani is now worth $68.3 billion, crossing Buffett's %67.9 billion, according to the Bloomberg Billionaires Index.
Ambani, 63, is now the eighth richest person in the world, and Buffett is ninth.
With shares of RIL doubling since hitting a low in March owing to a series of investments in the digital unit Jio, Ambani's wealth saw a significant surge amid the coronavirus crisis. He is currently the only Asian business tycoon in the exclusive club of the world's top 10 richest people last month, according to the index.
Buffett, the 89-year-old Chairman and CEO of Berkshire Hathaway, saw a fall in wealth after donating more than $37 billion of Berkshire Hathaway Inc. stock since 2006. Buffett, fondly known as the 'Oracle of Omaha', gave away $2.9 billion to charity this week.
Ambani recently also emerged as the eighth richest person in the world, according to a report by Hurun Research. He continues to hold the number one ranking as the wealthiest Indian. After sharp losses in the first two months of the market rout, the next two months saw a surge in his fortune on the back of deals worth crores struck by Reliance Industries in selling stakes in its telecom arm, the report highlighted.
However, despite the late surge, Ambani's wealth was down 1% compared to pre-COVID levels, it added.
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