The net worth of India’s richest guy Mukesh Ambani dropped 28% or $300 million per day in the last two months to $48 billion on March 31 because of this massive correction in stock markets, a report said on Monday.
The chairman and managing director of the diversified Reliance Industries saw his wealth decline by $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 prosperity include Gautam Adani whose wealth eroded by $6 billion or 37%, HCL Technologies” Shiv Nadar ($5 billion or 26%) and banker Uday Kotak ($4 billion or 28%), it stated.
All three have dropped off the top 100 list, leaving Mr. Ambani as the only Indian in the league.
The Indian market has adjusted by 25% in the last two weeks as the economic costs and impact of this COVID-19 pandemic on businesses led to a sell-off across the world.
Entrepreneurs are struck by a 26% fall in the stock markets and a 5.2% fall 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%,” Hurun Report India Managing Director Anas Rahman explained.
Mr. Ambani is the Second most significant wealth loser worldwide, after French fashion giant LVMH’s chief executive Bernard Arnault, whose wealth dropped by 28% or $30 billion to $77 billion.
Berkshire Hathway’s Warren Buffet also lost $19 billion of riches in the last two weeks, to $83 billion, which makes it a smaller fall in percentage terms at 19%, the report said.
With hospitality coming under intense pressure due to this pandemic, shared economy platform Oyo Rooms “Ritesh Agarwal is no more a billionaire”, the wealthy list stated.
Others in the top-10 List of wealth winners also comprise Carlos Slim and family, Bill Gates, Mark Zuckerberg, Larry Page, Sergey Brin, and Michael Bloomberg, ” it stated.
Continues to be the wealthiest man on the planet with a net worth of $131 billion, which has slid only by 9% during the previous two months and is followed closely by Bill Gates with a fortune of $91 billion (down 14%), Mr. Buffet, and Mr. Arnault.
Chinese Billionaires were among the few gainers in the last two months, and included Promoters of video conferencing and pork meat manufacturing companies, ” it said. While India dropped three positions in the top-100 rankings, China additional six Billionaires in the league, ” it said.