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Mukesh Ambani’s net worth down by 28% in two months

Reliance Industries Chairman Mukesh Ambani’s net worth dropped by $19 billion (or 28%) to $48 billion in the last two months as the coronavirus-led stock market crash has eroded thousands of crores of shareholder wealth. 

According to a Hurun Special Report titled ‘Wealth Impact 2mths after COVID-19 Outbreak’, Ambani dropped eight places in Hurun’s Global Rich list to reach the 17th spot. Ambani is the second biggest loser of wealth globally after Bernard Arnault, the Chief Executive of French fashion giant LVMH, who lost $30 billion ($500 million a day) of wealth over the past two months. 

“India’s top entrepreneurs have been hit by a 26% drop in the stock markets and a 5.2% 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%,” Anas Rahman Junaid, MD & Chief Researcher, Hurun Report India was quoted in the report. 

Apart from Ambani, the other major businessmen who have seen wealth erosion include Adani Group Chairman Gautam Adani who lost $6 billion (37%) of his wealth, HCL Founder and Chairman Shiv Nadar ($5 billion) and banker Uday Kotak ($4 billion). 

India topped the list of countries with maximum number of billionaires dropping from the Hurun’s Global Top 100 rich list with Gautam Adani, Shiv Nadar and Uday Kotak slipping from the list. Currently, Ambani is the only billionaire from India to be part of the top 100 global list. 

With six new additions, China topped the list of biggest risers in Hurun’s Global Top 100 rich list with a total of 29 billionaires.

Amazon’s Chief Executive Jeff Bezos continues to top the Hurun Global Top 10 list with a net worth of $131 billion. He is followed by Microsoft’s Bill Gates ($91 billion) and Berkshire Hathaway CEO Warren Buffett ($83 billion). 

“The last two months have wiped out all the wealth made in the past two and a half years, with the World’s Top 100 down 12.6% or US$408 billion, equivalent to each of the Hurun Top 100 losing US$75mn a day,” Rupert Hoogewerf, Hurun Report chairman and chief researcher said. 

“China has been the relative winner, with its stock markets weathering the virus better than its US and European counterparts,” Hoogewerf added.  

“Prior to the coronavirus outbreak, the world had 2816 ‘known’ dollar billionaires.  Today, two months later, that number is now down by 20%, as stock markets across the world have wiped out wealth,” he added. 

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