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Mukesh Ambani earned 90 Cr per hour in lockdown; tops Hurun’s rich list

Mumbai: As the pandemic continues to ravage the world economies and businesses, India’s richest man and the chairman of Reliance Industries, Mukesh Ambani, earned Rs.90 crore every hour since the COVID-induced lockdown in March, according to the IIFL Wealth Hurun India Rich List 2020.

With his wealth surging by 73 per cent in the past one year Mukesh topped the Hurun India’s rich list for the consecutive ninth year, the organization mentioned on Tuesday. His total wealth rose from Rs.277,700 crore to Rs.658,400 crore, approximately by 73 per cent in the past year. Mukesh’s total wealth is also bigger than the combined wealth of the next five people on the list.

The surge in wealth propelled the conglomerate to become the richest individual in Asia and the fourth richest person in the world. Besides, Mukesh is the only individual to feature in the top five of the global list of the richest, Hurun India said.

At the beginning of the COVID-19 pandemic, Ambani’s wealth dropped by 28% to Rs. 350,000 crore and then backed by a series of fundraising and strategic investment from Facebook, Google and so on into Jio and Reliance Retail, his valuation registered a “V-shaped recovery” and increased by 85% in 4 months. “Despite the ongoing pandemic, the Reliance’s market cap crossed Rs.10 lakh crore,” the report read.

The Hurun India report identifies 828 individuals, including 40 women, with at least Rs. 1,000 crore wealth holding, spread across 111 Indian cities. Other individuals in the top five of the list include—Hinduja brothers, Shiv Nadar & family, Gautam Adani & family and Azim Premji & family.