Race among the Richest

Slow Dance

For a long time, the club of world’s richest 5 people has been dominated by individuals from America, Europe and seldom from Mexico. This tradition stands changed now with Mukesh Ambani becoming the world’s 5th wealthiest person overtaking Steve Ballmer. His net worth rose to $77.4 billion.

On Friday, his wealth rose further by $3.5 billion which brought him closer to Mark Zuckerberg. Ambani’s wealth has grown by $22 billion since the beginning of the year. He has jumped nine places on the Bloomberg Billionaires Index since January as shares of his conglomerate have risen 145% from a low in March.

The reason for the outstanding jump in shares value is the investments from firms which include Facebook, Silver Lake and BP Plc.

What does it mean for India?
The deal making induced by Ambani has helped India in gaining a bright spot for M&A during an otherwise unproductive year. Association with global tech giants would result in FDI and FPI, raising hopes for new employment opportunities.

What seems to be revolutionary is the pace with which Mukesh Ambani is moving up the billionaires list. A month ago, he had established his place in the group of the 10 richest people and within this span he overtook Warren Buffet, Elon Musk and Google co–founders Sergey Brin and Larry Page.