Mukesh Ambani Becomes World’s Richest Man

Date October 29, 2007

Mukesh Ambani
India’s Mukesh Ambani, Chairman of Reliance Industries Limited, a company built from scratch by his late father Mr. Dhirubhai Ambani, has becomed the world’s richest man. Mukesh Ambani has surpassed Bill Gates, Carlos Slim and Warren Buffett, to become the world’s richest man. The strong bull rally witnessed in the Indian stock markets has boosted the market capitalisation of all reliance group companies in which Mukesh Ambani has a very significant stake. His brother and younger son of Dhirubhai Ambani, Anil Ambani, the chairman of Anil Dhirubhai Ambani Group has also forged his way into the top 20 richest billionaires. Anil is likely to make it to the top 10 once Reliance Power IPO hits the market and gets listed in the stock markets. Mukesh Ambani is the first Indian to make it to the top of the list of richest men in the world.

The five richest people in the world with their net worth

1. Mukesh Ambani ($63.2 billion)
2. Carlos Slim Helu ($62.2993 billion)
3. William (Bill) Gates ($62.29 billion)
4. Warren Buffett ($55.9 billion)
5. Lakshmi Mittal ($50.9 billion)

Source : CNBC TV Broadcast

While Carlos Slim and Bill Gates are head to neck in second and third, Indian born steel tycoon, Lakshmi Mittal – Chairman of Arcelor-Mittal is the fifth in the list of richest men in the world. It is to be mentioned that Bill Gates and Warren Buffett have, in the recent past, donated a part of their wealth to the Bill and Melinda Gates Foundation, an organisation founded by Bill gates and his wife Melinda Gates, which is primarily involved in enhancing healthcare and reducing extreme poverty, globally.

Some More Details about Mukesh Ambani
Mukesh Ambani is the face of new emerging India. He is the Chairman and Managing Director of Reliance Industries Limited, India’s largest private sector company. Mukesh Ambani was born on April 19, 1957 in Mumbai. His father Dhirubhai Ambani was then a small businessman who later on rose to become one of the legends of Indian industry. The Hindi film Guru is said to have been made based on the life of Dhirubhai Ambani. Everyone aspiring to make it big in Business, should read the biography of Dhirubhai Ambani. His rags to riches story is very insightful and motivating.

Mukesh Ambani did his Bachelors in Chemical Engineering from University of Bombay (now Mumbai) and Masters in business Administration from Stanford University, USA. A few years back there was a rift between Mukesh Ambani and his brother Anil Ambani. The entire assets of the Reliance group were divided between Mukesh and his brother Anil. From there on, both the brothers have multiplied their wealth and started out new ventures. From running an online gaming and social networking venture to oil processing, from retail to telecom, from power generation to financial services, the Ambanis have a presence in every other Industry, in India.

Mukesh Ambani – Richest Man only on Paper?
Many critics have argued that Mukesh Ambani’s wealth is only on paper. To an extent they are correct. Looking at the volatility in the Indian stock markets, which can crash by a whooping 10% in a single day, Mukesh’s stay at the top of the list can be shortlived. However, Mukesh doesn’t seem to be a person who is bothered about being the Number 1 on the list of richest men in the world. He would be more concerned about generating wealth for himself and his shareholders. He and his late father Dhirubhai Ambani have generated enormous amounts of wealth for shareholders. Reliance Industires Limited shareholders respect him a lot. Infact, they recently gave him a standing ovation when he came to speak at the Reliance Industires Limited AGM. Mukesh Ambani truly is, the face of new emerging India.