Covid-19 impact: Mukesh Ambani’s net worth drops 28% to $48 billion in 2 months

NEW DELHI: The net worth of India’s richest man Mukesh Ambani dropped 28 per cent or $300 million a day for two months to $48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday.

The chairman and managing director of the diversified Reliance Industries saw his wealth decline by $19 billion in February-March period, taking his global ranking down eight places to 17th, the the Hurun Global Rich List
said.

Other Indian businessmen who have seen a major drop in wealth include Gautam Adani whose wealth eroded by $6 billion or 37 per cent, HCL Technologies’ Shiv Nadar ($5 billion or 26 per cent) and banker Uday Kotak ($4 billion or 28 per cent), it said.

All the three have dropped off the top 100 list, leaving Ambani as the only Indian in the league.

The Indian market has corrected by 25 per cent in the last two months as the economic costs and impact of the Covid-19 pandemic on companies led to a sell-off across the world.

“India’s top entrepreneurs have been hit by a 26 per cent drop in the stock markets and a 5.2 per cent drop in the value of the rupee compared with the US dollar. For Mukesh Ambani, it has been a perfect storm, with his wealth down 28 per cent,” Hurun Report India Managing Director Anas Rahman said.

Ambani is the second biggest wealth loser globally, after French fashion giant LVMH’s chief executive Bernard Arnault, whose wealth dropped by 28 per cent or $30 billion to $77 billion.

Berkshire Hathway’s Warren Buffet also lost $19 billion of wealth in the last two months, to $83 billion, making it a smaller fall in percentage terms at 19 per cent, the report said.

With hospitality coming under intense pressure due to the pandemic, shared economy platform Oyo Rooms’ Ritesh Agarwal is “no more a billionaire”, the rich list said.

Others in the top-10 list of wealth losers also include Carlos Slim and family, Bill Gates, Mark Zuckerberg, Larry Page, Sergey Brin and Michael Bloomberg, it said.

Amazon’s Jeff Bezos continues to be the richest man in the world with a networth of $131 billion, which has slid only by 9 per cent during the last two months and is followed by Bill Gates with a fortune of $91 billion (down 14 per cent), Buffet, and Arnault.

Chinese billionaires were among the few gainers in the last two months, and included promoters of video conferencing and pork meat producing companies, it said.

While India lost three rankings in the top-100 rankings, China added six billionaires in the league, it said.

Rank Rank Change Name Net Worth US$Bn % change in 2mths to 31 March 2020 Wealth change US$bn Main Company Country of Residence Main Industry
1 0 Jeff   Bezos 131 -6% -9.0 Amazon USA Online   Retail
2 1 Bill   Gates 91 -14% -15.0 Microsoft USA Investments
3 1 Warren   Buffett 83 -19% -19.0 Berkshire   Hathaway USA Investments
4 -2 Bernard   Arnault 77 -28% -30.0 LVMH France Single   Brand Retailing
5 0 Mark   Zuckerberg 71 -15% -13.0 Facebook USA Technology
6 0 Amancio   Ortega 64 -21% -17.0 Inditex Spain Single   Brand Retailing
7 2 Steve   Ballmer 60 -11% -7.5 Microsoft USA Technology
8 4 Alice   Walton 58 -2% -1.0 Walmart USA Multi   Brand Retailing
9 5 Jim   Walton 56 -2% -1.0 Walmart USA Multi   Brand Retailing
10 -2 Sergey   Brin 55.5 -18% -12.5 Google USA Technology
11 5 Robson   Walton 55 0% 0.0 Walmart USA Multi   Brand Retailing
11 -4 Carlos   Slim Helu & family 55 -24% -17.0 America   Movil Mexico Investments
13 -4 Larry   Page 54 -19% -13.0 Google USA Technology
14 1 Francoise   Bettencourt Meyers 53 -5% -3.0 L’Oreal France Cosmetics
15 1 Bertrand   Puech & family 52 -5% -3.0 Hermes France Single   Brand Retailing
16 2 Larry   Ellison 51 -6% -3.0 Oracle USA Technology
17 -4 Michael   Bloomberg 48 -17% -10.0 Bloomberg USA Media
17 -8 Mukesh   Ambani 48 -28% -19.0 Reliance India Oil   & Gas
19 3 MacKenzie   Bezos 42 -5% -2.0 Amazon USA Software   & Services
19 0 Phil   Knight 42 -14% -7.0 Nike USA Retail
21 1 Ma   Huateng 41 -7% -3.0 Tencent China Internet   Services
21 0 Ma Yun   & Family 41 -9% -4.0 Alibaba China TMT
21 -1 Elon   Musk 41 -11% -5.0 Tesla   Motors USA Automobiles   & Components
24 -2 Francois   Pinault & family 38 -14% -6.0 Kering France Multi   Brand Retailing
25 2 David   Thomson & family 35 -8% -3.0 Thomson   Reuters Canada Media
26 4 Giovanni   Ferrero 34 0% 0.0 Ferrero   Rocher Belgium Food   & Beverages
27 -2 Charles   Koch 33 -15% -6.0 Koch Industries USA Energy
27 -2 Julia   Koch & family 33 -15% -6.0 Koch   Industries USA Energy
29 -1 Jacqueline   Mars 31 -14% -5.0 Mars USA Food   & Beverages
29 -1 John   Mars 31 -14% -5.0 Mars USA Food   & Beverages
31 4 Sun   Piaoyang & Zhong Huijuan 28.5 2% 0.5 Hengrui,   Hansoh China Pharmaceuticals
32 -1 Xu   Jiayin 26 -21% -7.0 Evergrande China Real   Estate
33 5 Yang   Huiyan & Family 25 -7% -2.0 Country   Garden China Real   Estate
34 7 He   Xiangjian & Family 24 -8% -2.0 Midea China Home   appliances
34 1 Li   Ka-shing 24 -14% -4.0 Cheung   Kong China Investments
36 2 Lee   Shau Kee 23.5 -13% -3.5 Henderson   Land China Real   Estate
36 -1 Michael   Dell 23.5 -16% -4.5 Dell   Technologies USA Technology
38 -5 Vladimir   Potanin 23 -21% -6.0 Interros Russia Metals   & Mining
38 -6 Sheldon   Adelson 23 -28% -9.0 Las   Vegas Sands USA Casinos
40 16 Qin   Yinglin & Qian Ying 22 16% 3.0 Muyuan China Agriculture
40 -2 SP   Hinduja & family 22 -19% -5.0 Hinduja UK Conglomerate
42 3 Dieter   Schwarz 21.5 -2% -0.5 Schwarz Germany Multi   Brand Retailing
43 2 Alain   Wertheimer 21 -5% -1.0 Chanel France Single   Brand Retailing
43 2 Gerard   Wertheimer 21 -5% -1.0 Chanel USA Single   Brand Retailing
45 6 James   Simons 20 -5% -1.0 Renaissance   Technologies USA Hedge   Funds
45 0 Ding   Lei 20 -9% -2.0 Netease China Internet   Services
45 -2 Laurene   Powell Jobs & family 20 -17% -4.0 Walt   Disney USA Entertainment
45 -12 Leonardo   Del Vecchio 20 -31% -9.0 Luxottica Italy Luxury   Goods
49 7 Wang   Wei 19.5 3% 0.5 SF   Express China Express   Delivery
50 1 Takemitsu   Takizaki & family 19 -10% -2.0 Keyence Japan Technology
50 -5 Leonid   Mikhelson 19 -14% -3.0 Novatek Russia Energy
50 -6 Masayoshi   Son 19 -17% -4.0 Softbank Japan Investments
53 7 Huang   Zheng 18 0% 0.0 Pinduoduo China TMT
54 6 Ray   Dalio 17 -6% -1.0 Bridgewater   Associates USA Hedge   Funds
54 2 Gennady   Timchenko 17 -11% -2.0 Gunvor Switzerland Energy
54 -13 Carl   Icahn 17 -35% -9.0 Icahn   Enterprises USA Investments
57 11 Yan Hao 16.5 -3% -0.5 China   Pacific Construction China Infrastructure
57 11 Hugh   Grosvenor 16.5 -3% -0.5 Grosvenor UK Real   Estate
57 3 Zhang   Zhidong 16.5 -8% -1.5 Tencent China Internet   Services
57 3 Thomas   Peterffy 16.5 -8% -1.5 Interactive   Brokers USA Financial   Services
57 -3 Stephen   Schwarzman 16.5 -18% -3.5 Blackstone USA Investments
62 20 Zhang   Yong & Shu Ping 16.0 0% 0.0 Haidilao China Restaurants
62 6 Wang   Jianlin & family 16 -6% -1.0 Wanda China Real   Estate
62 6 Joseph   Lau Luen Hung 16 -6% -1.0 Chinese   Estates China Real   Estate
62 -2 Vladimir   Lisin 16 -11% -2.0 Novolipetsk   Steel Russia Metals   & Mining
62 -2 Leonard   Blavatnik 16 -11% -2.0 Lyondellbasell UK Energy
62 -8 Charoen   Sirivadhanabhakdi 16 -20% -4.0 Thai   Beverage Thailand Food   & Beverages
68 14 Lukas   Walton 15.5 -3% -0.5 Walmart USA Multi Brand   Retailing
69 13 Yao   Zhenhua 15.5 -3% -0.5 Baoneng China Investments
70 60 Liu   Yonghao & Family 15 20% 2.5 New   Hope China Agriculture
70 32 Lei Jun 15 3% 0.5 Xiaomi China Intelligent   Devices
70 21 Xu   Rongmao & family 15 0% 0.0 Shimao China Real Estate
70 12 Abigail   Johnson 15 -6% -1.0 Fidelity USA Investments
70 -2 Petr   Kellner 15 -12% -2.0 PPF Czech   Republic Banking
70 -10 Eric   Schmidt 15 -17% -3.0 Google USA Technology
70 -14 Rupert   Murdoch 15 -21% -4.0 News USA Media
70 -19 Vagit Alekperov 15 -29% -6.0 Lukoil Russia Energy
70 -25 Jorge   Paulo Lemann 15 -32% -7.0 3G   Capital Switzerland Investments
79 32 Wu   Yajun & Family 14.5 3% 0.4 Longfor China Real   Estate
79 12 Beate   Heister 14.5 -3% -0.5 Aldi   Sued Germany Multi   Brand Retailing
79 12 Karl   Albrecht Jr & family 14.5 -3% -0.5 Aldi   Sued Germany Multi   Brand Retailing
79 -11 Henry   Cheng Kar-shun & family 14.5 -15% -2.5 Chow   Tai Fook China Real   Estate
83 8 Li   Shufu & family 14 -7% -1.0 Geely China Automobile
83 8 Ronald   Perelman 14 -7% -1.0 Scientific   Game USA Investments
83 8 Steve   Cohen 14 -7% -1.0 Sac   Capital USA Hedge   Funds
83 -1 Roman   Abramovich 14 -13% -2.0 Millhouse Russia Investments
83 -1 Klaus-Michael   Kuhne 14 -13% -2.0 Kuehne   & Nagel Switzerland Shipping
83 -23 R Budi   Hartono 14 -22% -4.0 Bank   Central Asia Indonesia Banking
88 78 Xu Hang 13.5 26% 2.8 Mindray China Medical   Equipment
88 70 Pang   Kang 13.5 23% 2.5 Haitian China Soya   Sauce
89 36 Liu   Qiangdong 13.5 5% 0.6 JD China E-commerce
89 26 Zhang   Yiming 13.5 -2% -0.3 ByteDance China News   Aggregator
89 13 Zhang   Jindong 13.5 -7% -1.0 Suning China Retail
89 2 Reinhold   Wurth & family 13.5 -10% -1.5 Wurth Germany Automobiles   & Components
89 -7 Dietrich   Mateschitz 13.5 -16% -2.5 Red   Bull Austria Food   & Beverages
89 -21 Michael   Hartono 13.5 -21% -3.5 Bank   Central Asia Indonesia Banking
97 18 Massimiliana   Landini Aleotti & Family 13 -6% -0.8 Menarini Italy Pharmaceuticals
97 11 Alexey   Mordashov 13 -10% -1.4 Severstal Russia Metals   & Mining
97 -15 Andrey Melnichenko 13 -19% -3.0 Suek Russia Energy
97 -15 Viktor   Vekselberg 13 -19% -3.0 Renova Russia Energy
97 -29 Tadashi   Yanai 13 -24% -4.0 Fast   Retailing Japan Multi   Brand Retailing
97 -29 Lee Kun   Hee 13 -24% -4.0 Samsung South   Korea Electronics

Source: Press Trust of India

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back To Top