Thanks to the rally in share prices of Reliance Industries Limited (RIL), Mukesh Ambani's wealth has surpassed that of Europe's wealthiest man to become the world's fourth-richest person.
Chairman of the oil-to-telecom conglomerate is now worth $80.6 billion, according to Bloomberg Billionaire Index, after his wealth gained $22 billion this year. He is now richer than France's Bernard Arnault, the chairman and chief executive of LVMH Moët Hennessy - Louis Vuitton SE.
On one hand, the luxury fashion French conglomerate saw its profits fall in the first half of 2020 due to boutique closures during the coronavirus pandemic, and on the other, RIL's shares more than doubled from its low seen in March due to back to back investment deals for Jio Platforms.
Arnault has become the biggest loser among the world's 500 richest people. According to the Bloomberg Billionaires Index, is net worth has plunged $25.1 billion to $80.2 billion.
Meanwhile, Mark Zuckerberg's net worth passed $100 billion this week, as per Bloomberg Billionaire Index after Facebook Inc. hit a record on optimism about the release of its TikTok competitor Reels. The founder of the social media giant joins fellow tech billionaires Jeff Bezos and Bill Gates as the only people in the world who currently have centi-billionaire status.
The coronavirus pandemic has been favourable for founders of America's largest technology companies as stay-at-home has driven more people online and raised stock market investments despite the US economy contracting at its fastest pace on record.