The rise of Mukesh Ambani into the global top five rich list by late-2020 was aided by the surge in RIL’s stock price, which propelled it to among the top 40 most-valued companies in the world.
Mittal, once the world’s third-richest person, is now the tenth-richest Indian. Many commodities businesses lagged in growth amid a boom in tech and financial sectors.
Anil Ambani was richer than brother Mukesh just after Reliance was split. However, the latter made stunning growth by gradually diversifying from the core petroleum business. In the same period, Anil’s wealth fell to ‘nil’. Ironically, Lakshmi Mittal’s brother Pramod too was declared bankrupt.
The fortunes of several rich people are linked to their company’s stocks. Shanghvi saw his wealth surge as Sun Pharma’s stock rallied. However, it fell as dramatically after it faced regulatory action in the US.
In 2020, Mukesh Ambani’s wealth grew manifold as he raised over $27 billion amid Covid from foreign investors by selling stake in his telecom & retail arms.
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