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Mukesh Ambani becomes poorer by nearly $14 billion in 20 days

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Mukesh Ambani becomes poorer by nearly  billion in 20 days

5G roll out should be India's national priority: Mukesh Ambani

New Delhi: Reliance Industries Limited (RIL) chairman Mukesh Ambani became poorer by nearly $14 billion as his net worth declined to $90.8 billion in 20 days.

Although he continues to hold the spot on the list of top ten billionaires in the world, his net worth declined from $104.7 billion on April 23, 2022, to $90.8 billion on May 13, 2022.

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His net worth declined due to a fall in RIL’s share price. Its price dropped from Rs. 2758.8 on April 22 to Rs. 2431.45 on May 13.

Net worth of Gautam Adani declined

Founder-cum-chairman of Adani Group Gautam Adani became poorer by over $20 billion in 20 days.

His net worth declined from $123.7 billion on April 23 to $103.1 billion on May 13. His companies’ shares are also witnessing selling for the past few days.

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Other stocks also witness massive selling

Other stocks are also witnessing massive selling for the past few days. On Friday, Indian equity benchmark indices fell for the sixth straight day.

One of the reasons behind it is equity investors’ concerns. They are concerned about the persistent high inflation globally and the tightening monetary policy stance by several central banks.

India’s retail inflation accelerated to 7.79 percent in April due to high fuel and food costs. The inflation remained above the tolerance limit of the central bank for the fourth month in a row.

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Updated list of top 10 billionaires in the world

As per the updated list of top 10 billionaires in the world, seven are from the United States whereas, one is from France, and two are from India.

With a net worth of $232.5 billion, Elon Musk, CEO of Tesla continues to be the richest person in the world. His wealth increased enormously in 2021.

NameNet worthCountry
Elon Musk$232.5 billionUnited States
Bernard Arnault$146.5 billionFrance
Jeff Bezos$138.8 billionUnited States
Bill Gates$126.2 billionUnited States
Warren Buffett$112.0 billionUnited States
Gautam Adani$103.1 billionIndia
Larry Page$99.8 billionUnited States
Larry Ellison$98.6 billionUnited States
Sergey Brin$96.0 billionUnited States
Mukesh Ambani$90.8 billionIndia

Meanwhile, Bernard Arnault of LVMH has grabbed the second spot. His net worth as of May 14 is $146.5 billion.

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