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Home Wealth

Mukesh Ambani Races Toward World’s Exclusive $100 Billion Wealth Club

Rate Captain by Rate Captain
September 16, 2021
in Wealth
Reading Time: 2 mins read
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Securities Auctions Plunge 55.86% to ₦9.50 Trillion in October as Bond Yields Rise

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Mukesh Ambani added $3.7 billion to his net worth on Friday as shares of his flagship firm surged after the tycoon doubled down on his clean-energy goals.

Asia’s wealthiest person is now worth $92.6 billion, according to the Bloomberg Billionaires Index. The Indian tycoon is closing in on L’Oreal’s Francoise Bettencourt Meyers at $92.9 billion, as both move closer to a rarefied group of men with fortunes of $100 billion. Ambani’s jump was due to a surge in the shares of his Reliance Industries Ltd., after he said the company will “aggressively” pursue production of cheaper green hydrogen.

Known for disrupting businesses he enters, Ambani’s telecommunications unit has become the dominant player in the Indian market while his digital operation has expanded with backing from investors including Facebook Inc. At the same time, Saudi Aramco is looking to acquire a stake in Reliance’s oil refining business in a deal said to be worth as much as $25 billion.

Exclusive Club

Ambani is getting closer to entering the elite club of individuals who are worth more than $100 billion

Ambani this year unveiled an ambitious plan to invest $10 billion in clean energy, marking a new pivot for India’s most valuable company. The goal aligns with Prime Minister Narendra Modi’s ambitions to combat climat change and slash imports into the world’s third-biggest oil consumer.

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