Pandemic impact: Mukesh Ambani's net worth drops 28% to $48 billion in 2 months
MUMBAI: 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 to $19 billion, taking his global ranking down eight places to 17th, 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.
译文来源：三泰虎 http://www.santaihu.com/49650.html 译者：Jessica.Wu
No worries PM will compensate with awarding sole bid govt contracts and also setup up defence deals.
How would this help the common man to feed his family?
our corrupt Pm and Tadipar will fill all their pockets again by squeezing the common man
Don't worry sir, as far as Modi is PM, you will double your net worth at cost of common man tax money.
Why these reporters feel important to report about a rich man losing money when people only daily wages can die from hunger. Use some common sense and report accordingly... complete idiots
What will anyone do with all the money he has because when he leaves this world he himself cannot guarantee that he will have his clothes on.
He can let me know if he needs some help
This is only on paper !!! Let us see how much he actually needs to live for a year ? How much does he spend in a year ??? How much does he owe our banks and how much does he pay back to our banks per year ???
Mukesh can become the single seller (Monopoly) of masks & handwash.
& maybe even re-cycled masks.
When Reliance Chief himself is not that much concerned, it is not clear why the media are shedding crocodile tears
The entire world is thinking and acting to removed the virus and fighting for survival, where in this toilet paper researches how much of material loss to a single person.
Modi Ji must help this man to keep Indian economy strong. we must save large corporations to keep economy going and job growth..
Funny to see that a lot of people are bringing in politics to this. Reliance employs 600,000 people in India and if they decide to reduce their staff it would have been a major concern. But Reliance announced it will pay salary twice to those earning less than 30,000 during this epidemic. Show some respect gentlemen
ambani and adani why u guys disclosing openly such things,just whats app/call to our pm sir he'll look after,and over all don't worry at all by very next month u wealth graph is something else.
Unnecessary & irrelevant news. Would like to read drop in covid19 deaths & new cases
Govts shld create animal shelters in every major cities which can be funded by these rich people. Animal lovers can be employed.
right time to invest in stocks.
A big loss for bjp
Well, the oil is worth dirt if it has no consumers.
no one worried of this.
The world is battling against Coronavirus Pandemic. Net worth is not worth the subject of discussions.
Souvik Ghosh Dastidar
after 6 months it maybe 90% Or maybe to 7 billion. hmmm. mmmh. Modi to gayoooo!
No more lavish weddings
For Mukesh Ambani, this is not an issue. Once the market is back to normal, he knows to get back or make up his losses. However, it is not him, across the globe all the businessmen faces loses
dad of Mukesh
And this should concern the public why?
not to worry ............will come back soon