India’s wealthiest tycoon Mukesh Ambani now richer than Warren Buffett with a grand total of $68.3 billion. This doesn’t just make him richer Warren Buffett, though that is a bonus. It actually propels him onto the exclusive top 10 richest people in the world list. Mukesh Ambani now sits as the eight richest persons in the world. He’s also the only Asian tycoon currently hold a place on the list. As a result, he has taken over Warren Buffett’s place. Warren Buffett now ranked as the ninth person and if this decline continues, he soon will not be.
Reason for success
Mukesh Ambani India’s wealthiest tycoon is now number eight on the list of the richest people in the world. The first is his shrewd business deals which have allowed him bounce back from losses in his wealth. The shrewd business deals have not just been good for him but also India as a whole. The country now accounts for more than 12% of the M&A in the Asian-Pacific market. This is the highest ratio the country is held in the market since 1998. It is mostly thanks to Mukesh Ambani business deals which include drawing investors into Reliance Industries Ltd. The investors have bought stocks in many ventures such as BP Plc who invested in Reliance Industries fuel retail franchise. Other notable investors include Facebook and Silverlake. The results, Mukesh Ambani who is the chairman of Reliance Industries Ltd brought great wealth himself, his company, and country.
The second reason for Mukesh Ambani India’s success is the continuing decline of Warren Buffett’s wealth. The once hailed as the “Oracle of Omaha” Buffett has apparently lost his foresight. This is evident in the fact that his company Berkshire Hathaway Inc has been performing averagely. What this means is that their stock value has been declining in recent years. Additionally, Warren Buffett has since 2006 donated of $37 billion of the company stock to charity. While commendable for altruistic reasons, this does hurt his company and the employees/communities that rely on it. As opposed to Mukesh Ambani who has brought great wealth to himself, and his country.