Ambani Joins Bezos, Musk in World’s Exclusive $100 Billion Club

Bloomberg2021-10-09

Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. The chairman of India’sReliance Industries Ltd....

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Covan67
2021-10-11
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He’s now worth $100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8 billion this year.\nMukesh Ambani and his wife Nita Ambani in Mumbai in 2019.Photographer: Dhiraj Singh/Bloomberg\nSince inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005, Ambani, 64, has been seeking to transform the energy giant into a retail, technology and e-commerce titan. His telecommunications unit, which started services in 2016, is now the dominant carrier in the Indian market. His retail and technology ventures raised about$27 billion last year, selling stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.\nExclusive Club\nAmbani has entered the elite club of individuals who hold fortunes in excess of $100 billion\nSource: Bloomberg Billionaires Index\nAmbani unveiled an ambitious push into green energy in June, with a planned investment of about $10 billion over three years. 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The oil-to-chemicals business is now a separate unit, and talks are under way to get Saudi Arabian Oil Co. as an investor.\n“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai. “Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”\nThe story of Reliance dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas-station attendant in Yemen, began building his polyester business into a vast empire. 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