R eliance Industries chairman Mukesh Ambani has now overtaken Berkshire Hathaway founder Warren Buffet in the list of the world’s richest people.
The chairman of Reliance Industries Ltd. is now worth $68.3 billion, surpassing Buffett’s $67.9 billion as of Thursday, according to the Bloomberg Billionaires Index.
Reliance’s shares surges in value
Shares of Ambani’s Indian conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc. and Silver Lake. This week BP Plc paid $1 billion for a stake in Reliance’s fuel-retail business.
Ambani vs others
While Ambani’s wealth has jumped — he became the only Asian tycoon in the exclusive club of the world’s top 10 richest people last month — Buffett’s fortune dropped this week after he gave away $2.9 billion to charity. Elon Musk is currently the seventh richest in the world, while Ambani is at the eighth position, according to the Bloomberg index. Ambani’s climb has been helped by a rapid rise in the share price of Reliance Industries, which has more than doubled since March. Ambani, 63, is now the eighth richest person on the planet, and Buffett is ninth, according to the index, which started in 2012.