₹90 Crore Per Hour: That’s What Mukesh Ambani Added To His Wealth During COVID Era

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Today the “IIFL Wealth Hurun India Rich List 2020” was released and guess who kept maintained his position at the top for the ninth consecutive year? It’s Mukesh Ambani!

The only Indian who is currently among the world’s top 5 wealthiest individuals accumulated Rs 2,77,700 crores through various strategic fundraising activities since March 2020 and now his personal wealth stands at a whopping 6,58,400 crore. In other words, this translates to the fact that Mukesh Ambani is amassing Rs 90 crore per hour to his wealth since the March lockdown.

According to the list, Ambani’s total wealth is currently more than the combined wealth of the next five who come after him, making him the wealthiest person in Asia and the fourth richest man across the entire world.

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The IIFL’s Hurun India list is one which spotlights the richest individuals of the country having Rs 1,000 crore or more in wealth. This particular year 828 Indians spread across 111 cities made it to the list.

As mentioned earlier, Ambani is not at all new to this list as his track record as a business tycoon has only observed an upwards trajectory. Quite recently the U.S. based private equity firm Silver Lake poured Rs 7,500 crore in Reliance Retail after valuing the venture at an equity value of Rs 4.21 lakh crore pre-money.

Besides this, by now everyone is also aware of how, at a time when most companies wherein turmoil due to the pandemic, Mukesh Ambani was able to achieve the goal of making RIL aka Reliance Industries debt free via the $20 billion fundraising spree.

Anas Rahman, who is the M.D. and Chief Researcher of Hurun India, mentioned that a whopping 28 per cent of the increase in wealth on the list was contributed single-handedly by the 63-year-old RIL Chairman.

Now, apart from that, Rahman mentioned 21% of the increase in wealth came from the pharma sector as a significant rise in healthcare spends was observed due to COVID-19.

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Source: Hurun India

The second post on the list was grabbed by the London-based Hinduja brothers who were reported to have a joint wealth of Rs 1,43,700 crore.

Shiv Nadar, who is the founder of HCL with Rs 1,41,700 crore acquired the third position, followed by Gautam Adnani of the Adani’s Group at fourth and Azim Premji of Wipro at the fifth spot.

Radhakishan Damani & family of Avenue Supermarts (DMart) positioned at the seventh place, by making his debut in the top 10 Hurun India Rich List.

The list highlighted that the total increased value of the 828 individuals on the list stood at $821 billion or Rs 60,59,500 crore and displayed a $140 billion or Rs 10,29,400 crores increase over the list from the past year.

Lastly, close to 5 per cent of individuals in the 2020 list are women, of whom, ten have been reported to be ‘self-made’. This is an extremely positive indication for women in wealth creation.

The third-generation heir to the entire Godrej Empire Smitha V Crishna was ranked as the richest woman with Rs 32,400 crore, followed by Biocon founder Kiran Mazumdar Shaw with Rs 31,600 crore.

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