The Money Lord: Ambani’s wealth grew by Rs 90cr per hour since lockdown

Mumbai: Asia’s richest man Mukesh Ambani’s wealth grew by an eye-popping Rs 90 crore per hour since “March lockdown”, according to IIFL Wealth Hurun India Rich List 2020. At a time when all economic activity had come to a screeching halt, Reliance Industries Chairman was busy tending a beeline of investors willing to pour billions of dollars into his conglomerate’s tech play – Jio Platforms.

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Since ‘March lockdown’ Ambani’s wealth fortune went up by Rs 2.78 lakh crore to Rs 6.6 lakh crore making Ambani retail his numero uno position on the list for 9th year running.

With a wealth of Rs 6,58,400 crore, the promoter of India’s biggest company by market-capitalisation (m-cap), continues to be the richest man of the country. At the beginning of the Covid-19 pandemic, Ambani’s wealth dropped by 28% to Rs 3,50,000 crore and then backed by a series of fundraising and strategic investment from Facebook, Google and other marquee investors into Jio and Reliance Retail, his valuation registered a “V-shaped recovery” and increased by 85% in just months. Despite the ongoing pandemic, RIL’s m-cap crossed Rs 10 lakh Cr and registered a 73% increase in Mukesh Ambani’s wealth.

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This swing in the billionaire’s wealth is primarily due to fluctuations in the stock market.

“Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

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Next on the list are the Hinduja brothers on the second spot with a wealth of Rs 1.43 lakh crore. They saw their valuation decline by 23% due to a lackluster performance of their flagship companies such as IndusInd Bank, Gulf Oil and GOCL Corporation Limited whose share price came down by 54%, 12% and 19% respectively. The brothers are based between London, Geneva and Mumbai.

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