COVID-19 Impact on the Indian Billionaire Mukesh Ambani’s Net Worth
While this COVID-19 pandemic outbreak is affecting almost everyone all over the world, the famous Indian Billionaire Mukesh Ambani, the chairman of Reliance Industries has also gone through a massive loss of wealth. As the factories are closed, and sales have decreased, this coronavirus pandemic is not working out to be great for India’s richest man Mukesh Ambani.
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According to the reports, the Indian Business Tycoon Mukesh Ambani’s net worth has dropped by 28% to $48 billion in the last two months. The managing director of the diversified Reliance Industries witnessed his net worth decline by $19 billion in the February-March period, which took his global ranking down eight places to 17th, as per the reports.
If we talk about the global market, the sharp erosion in the wealth of Indian industrialists has pushed many down with Mukesh Ambani featuring as the only Indian in the top 100 billionaires list, as the other two Indian business tycoons, Gautam and Uday have dropped out from that list.
It is also essential to keep in mind here that these three were a part of the Top 100 richest man in the world before this COVID-19 outbreak. Also, the reports have identified that the Indian business growth has reduced by 25% in the last two months as economic costs and influence of the COVID-19 pandemic on companies led to less sale across the world.
Well, this outbreak has affected Mukesh Ambani disastrously, as he has become the second-biggest loser of wealth globally, after French fashion tycoon LVMH’s chief executive Bernard Arnault, whose net worth dropped by $30 billion to $77 billion.
An overview of Mukesh Ambani’s Business Career
Mukesh Ambani, the chairman of Reliance group of industries, is considered as one of the most influential personalities of India. He ranks as one of the wealthiest people in the world and the wealthiest man of India. You can estimate his success and intelligence by the fact that his company ‘Reliance Industries’ is the most valued business company of India in recent times.
Mukesh joined his inherited family business with his father after completing his education and established a textile industry with his father. His business sense and hard work made this company, one of the top textile industry of India within no time.
Later, he expanded the business to different fields, including petrochemicals, telecommunications, and retail sectors. He and his brother Anil parted ways after the death of their father and divided their business. But, his profound business abilities and determination to touch greater heights made him a symbol for budding business visionaries in India.
Mukesh Ambani has also served on the board of directors of ‘Bank of America Corporation’ and the ‘International Advisory Board of the Council on Foreign Relations.’ He has also worked as the chairman of the ‘Board of Indian Institute of Management Bangalore’ (IIMB) in 2010.
Mukesh is not only a successful businessman but also a philanthropist who provides shelter to thousands of families and serves as an inspiration for many youngsters all over the globe.
Impact of COVID-19 on India’s Business Sector
According to reports, India’s top businesses have been hit by a 26% drop in stock markets and a 5.2% drop in the value of the rupee compared with the US Dollar. Additionally, this COVID-19 pandemic has been a perfect storm for many Indian business tycoons who have lost almost 30% to 50% of their net worth during this deadly outbreak.
Many other renowned Indian businesspeople including Gautam Adani, and famous banker, Uday Kotak have also seen a decline in their wealth in the current pandemic. According to reports, the net worth of Gautam Adani eroded by 37% or $6 billion, and banker’s wealth has also gone down up to $4 billion or 28% during this outbreak.
This COVID-19 pandemic outbreak has affected the lives of every human being of this planet, including the Indian industrialist Mukesh Ambani, who has lost $48 billion in the last two months. So, we hope that this crisis will be over soon, and the lives of everyone come back to normal.
