Indian business tycoon and Chairman of Reliance Industries Ltd, Mukesh Ambani has moved ahead of renowned global investor Warren Buffet.
According to the Bloomberg Billionaires Index, the RIL chairman surpassed Buffett’s wealth worth $67.9 billion yesterday with a sum of $68.3 billion in his name. Reliance Industries shares have more than doubled since a low in March as its digital unit, Jio got more than $15 billion in investments from companies including global investor group Silver Lake and social media giant Facebook Inc.
Reliance’s fuel-retail business sold its stake to BP Plc to raise $1 billion this week.
Mr. Ambani was the only Asian tycoon in the exclusive club of the world’s top 10 richest people last month while Mr. Buffett’s fortune declined this week after he donated $2.9 billion to Microsoft Co-Founder Bill Gates’s Gates Foundation co-run by his wife Melinda and his other family-run charities.
Warren Edward Buffett, CEO of Berkshire Hathaway is considered as one of the most successful investors in the world.
The 89-year-old has donated more than $37 billion worth of Berkshire Hathaway Inc. stock since 2006. Performance if his investment vehicle, Berkshire Hathaway has been underwhelming over the last few years.
Bloomberg’s Billionaires Index, launched in 2002, has now placed Mr. Ambani, 63 as the eighth richest person on the planet with Mr. Buffett at ninth.
