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Mukesh Ambani, Gautam Adani surpass China’s richest in billionaire list

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mukesh ambani
  • Ambani and Adani have seen a lift in their company’s stocks, whilst the country reels from the second COVID wave.

India’s business tycoons Mukesh Ambani and Gautam Adani have surpassed Chinese industrial magnates, like Alibaba founder Jack Ma, within the latest global wealth rankings.

The current wealth rankings elevate Ambani and Adani to the richest businessmen in Asia, as per a Financial Times report citing Bloomberg data. the previous now occupies the 12th position within the global rankings – one space behind the previous CEO of Microsoft Steve Ballmer.

While Reliance Industries chairman Ambani’s wealth is estimated to be $84 billion, the internet worth of the director of the Adani conglomerate has risen to $78 billion, as per Bloomberg data.

Reliance Industries may be a multinational conglomerate working within the fields of telecommunications, energy, and retail. Adani Group, the flagship company of Adani Enterprises, is involved in the areas of energy utility and transport logistics.

CEO of Marcellus Investment Managers Saurabh Mukherjea has indicated that an increase within the wealth of the 2 Indian capitalists suggests that the profits among Indian businesses are accumulating into the hands of a couple of tycoons, understood as “promoters”.

This has resulted in a polarisation of wealth within the country.

The two moguls have seen an amplification in their company’s stocks, whilst the country reels from the second outbreak of COVID-19.

The Nifty 50 index, which keeps a record of the 50 biggest corporations in India, has risen by 10 percent from its nadir in April, as a resurgence in domestic demand is predicted.

Adani, Ambani Surpass Chinese Tycoons

Zhong Shanshan, the majority owner of Beijing Wantai Biological Pharmacy Enterprise, has come third, behind Adani, within the wealth ranking for Asia, with a net worth of $71 billion. Tencent chairman Pony Ma comes next on the list, followed by businessman Jack Ma.

For years, Chinese tycoons had been occupying high positions in Asia’s wealth rankings.

This pattern of precedence had been attributed to the previously exponential expansion of IT conglomerates like Alibaba and Tencent.

The downfall of Chinese tech giants comes within the wake of the regulatory crackdowns imposed on the country’s technology sector by China’s cyber regulator.

The COVID-19 pandemic has further intensified the prevailing income inequalities between India’s billionaires and its unskilled workers, non-profit group Oxfam had said in January this year.

“India’s 100 top billionaires have seen fortunes increase by Rs 12,97,822 crore since March last year, which is enough to offer 13.8 crores poorest Indians cheques of Rs 94,045 each,” the report said.

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