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 | 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 | 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 | 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 | 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