Tuesday, October 30, 2007

Mukesh Ambani is the world’s richest man

Billionaire Mukesh Ambani on Monday became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett, courtesy the bull run in the stock market.

RIL's share price soared above 5 per cent to close at Rs 2,827, taking its market capitalisation to Rs 4,11,041.95 crore (nearly 104.22 billion dollars). The stock had on October 18 already crossed the Rs 4 trillion mark in intra-day trade but today is the first day it has closed above the mark.

Combining the market cap of all three listed Mukesh Ambani group firm's -- RIL, Reliance Petroleum and Reliance Industrial Infrastructure -- the group's valuation crossed Rs 5,00,000-crore level for the first time, based on the closing prices of firms' scrip.

Reliance Petroleum is just a notch away from attaining the Rs 1,00,000 crore market cap. RPL scrip gained 9.80 per cent to end at Rs 221.90, touching a market capitalisation of Rs 99,855 crore.

Besides, Reliance Industrial Infrastructure scrip has been on a gaining spree and had continously breached its upper circuit limit everyday of this month barring a few occasions.

Today also the scrip struck its upper circuit limit with a gain of five per cent to settle at Rs 3,028.55 with a market cap of Rs 4,573 crore.

mukesh ambani
The five richest people in the world with their net worth

1. Mukesh Ambani ($63.2 billion)

2. Carlos Slim Helu ($62.2993 billion)

3. William (Bill) Gates ($62.29 billion)

4. Warren Buffett ($55.9 billion)

5. Lakshmi Mittal ($50.9 billion)

Warren Buffett, earlier the third richest in the world, also dropped one position with a net worth of about $56 billion.

Ambani's wealth of about Rs 2,49,000 crore includes about Rs 2,10,000 crore from RIL (50.98% stake), Rs 37,500 crore from RPL (37.5%) and Rs 2,100 crore from RIIL (46.23%).

Slim's wealth has been calculated on the basis of his stake in companies like America Movil (30%), Carso Global (82%), Grupo Carso (75%), Inbursa (67%), IDEAL (30%) and Saks Inc (10%).

According to information available with the US and Mexican stock exchanges where these companies are listed, Slim currently holds shares worth a total of $62.2993 billion, with more than half coming from Latin American mobile major America Movil. Slim is closely followed by Gates with a net worth of $62.29 billion currently.

Earlier last month, US business magazine Forbes had named Gates as the richest American with a net worth of $59 billion, calculated as on August 30. The magazine had said that a movement of $2 in the share price for Microsoft, the world's biggest software maker, could "add or subtract $1 billion" from his wealth.

Since August-end, Microsoft's share price has risen by $6.58 (based on yesterday's closing on Nasdaq at $35.03), which results into a gain of $3.29 billion in Gates' wealth based on Forbes assumption.

Besides a stake in Microsoft, Gates' wealth also includes the commission and license fees earned by him and gains through his shares in an investment holding company that invests across the market.

Gates is followed by Buffett at the fourth place in the league of the world's richest with a net worth of $55.9 billion through his holding in his investment vehicle Berkshire Hathaway and in other companies. At the end of August, Buffett's wealth stood at $52 billion, as per the Forbes magazine. Berkshire Hathaway's share price has gained by about 7.5% since then.

Earlier on September 26, Ambani had overtaken steel czar Lakshmi Mittal to become the richest Indian in the world.

Mittal currently ranks as the fifth richest in the world with a net worth of $50.9 billion through his 44.79% stake in world's biggest steel maker ArcelorMittal.

While most of Mittal's wealth comes from his steel empire, though he has also spread his wings into businesses like oil and real estate, those of Ambani and Gates are mostly through petrochemicals and software respectively. However, Buffett and Slim are making money from investments across a host of sectors.
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3 comments: on "Mukesh Ambani is the world’s richest man"

CorpoAlert » Mukesh Ambani, the world’s richest shows his riches… said...

[...] world’s richest, Mukesh Ambani i.e. an Indian has gifted his wife a luxury jet with entertainment cabins, a sky bar and fancy [...]

CorpoAlert » BSE ties up with US Futures Exchange!! said...

[...] This tie up must be a result and a way of taking the advantage of the recent booms in the Indian Share Market… This recent boom has made lots of changes to the whole Indian economy, which also includes, making Mukesh Ambani - the world’s richest. [...]

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