Mukesh Ambani No Longer World’s Fourth Richest Man After Drop In Net Worth

After a drop in share prices, Mukesh Ambani no longer holds the title for the world's fourth-richest man. He has slipped to the sixth position.

(File Photo/ Getty)

New Delhi: Reliance Industries Limited Chairman and Managing Director Mukesh Ambani is no longer the fourth richest man in the world! After share prices of his flagship company, RIL, his flagship company, fell over the last few days, Ambani's net worth slipped to $78.3 billion. This has now made him the sixth wealthiest man in the world. Earlier this month, Ambani had surged past France’s Bernard Arnault who owns s LVMH Moet Hennessy Louis Vuitton SE's business. The luxury sector was severely affected by Covid 19, as people focused on saving their earnings due to the deteriorating economic situation and are not as willing to splurge on luxury purchases. Hence, according to reports, Bernard Arnault, even though Europe's richest, is among the worst-affected businessmen by the Covid-19 situation. The Reliance Chairman had recently also surpassed business titans like Tesla and SpaceX's Elon Musk and Google co-founders Sergey Brin and Larry Page, as well as Warren Buffett. Business Tycoon Buffett's net worth also dropped after he gave $2.9 billion to charity. After Reliance's telecommunications company Jio received investments in billions from global giants like Facebook, Silver Lake and Qualcomm, the conglomerate's shares doubled, making Mukesh Ambani richer than several of his peers internationally. In July 2018,  Ambani had replaced Alibaba's Jack Ma to become Asia's richest man with a net worth of $44.3 billion. Clearly there is no stopping Reliance conglomerate and its chief Mukesh Ambani. At present, according to the Bloomberg Billionaire Index, Jeff Bezos with total assets worth $ 188 billion is in the first position. This year his wealth increased by $ 73 billion. Microsoft founder, Bill Gates is at number two with $ 121 billion and Facebook CEO Mark Zuckerberg is at number three with $ 99 billion.