Updated 8:47 AM EST, Fri, Mar 05, 2021

Make CT Your Homepage

India’s Wealthiest Man Lost $300 Million Per Day Due To Coronavirus Outbreak

Money Loss
(Photo : Image by PublicDomainPictures from Pixabay )

Image by PublicDomainPictures from Pixabay

Like Us on Facebook

Despite activities suspended and factories shut down, the coronavirus pandemic does turn out to be very annoying for the richest man in India -- and other tycoons, as well.

According to Hurun Global Rich List, Mukesh Ambani, Chairman of Reliance Industries, has seen his net worth plunge almost 30 percent over the past two months.

When Reliance Industries' stock price fell 25 percent in two months, Ambani's net worth dropped $300 million per day to $48 billion. This pushes Ambani out of the world's top 10 richest individuals list, slipping to the 17th spot on the Hurun Global Rich list.

Hurun earlier this year listed the 26-year-old founder and chief executive of Oyo as the world's second-youngest billionaire ($1.1 billion). He had just been second to popular 22-year old US celebrity, Kylie Jenner, with $1.3 billion.

However, Oyo's bookings in China fell drastically with the pandemic breaking out. Oyo had laid off nearly 7,000 workers in the country earlier this year.

Many Indian businessmen who saw a significant decline in wealth include Gautam Adani whose wealth eroded by $6 billion or 37 percent, HCL Technologies' Shiv Nadar ($5 billion or 26 percent) and banker Uday Kotak ($4 billion or 28 percent). Both three have dropped from the top 100 ranking, leaving Ambani as the league's only Indian tycoon.

Because of the ongoing global health scare, the Indian market has corrected by 25 percent in the last two months with a huge sell off by companies around the world. India's bond market's collapse has been lifted by foreign institutional investors, unloading over $15 billion for the month of March alone.

Meanwhile, in the last two months, Chinese billionaires have been among the few gainers, including video conferencing promoters and pork meat processing firms, he said.

Though India lost three rankings in the top-100 rankings, it said that China added six billionaires to the table. In the last two months, Berkshire Hathway chairman's Warren Buffet also lost $19 billion off his $83 billion wealth, making it a 19 percent decrease in percentage terms, the HGR study said.

Others in the top-10 list of wealth losers also include Carlos Slim and family, former Microsoft chairman Bill Gates, Facebook CEO Mark Zuckerberg, Google co-founders Larry Page and Sergey Brin and former New York City mayor, Michael Bloomberg, it said.

Amazon's Jeff Bezos continues to be the world's wealthiest man with a net worth of $131 billion, slipping by only 9 percent in the past two months, led by Bill Gates with a wealth with $91 billion (down 14 percent), Buffet and LVMH's Chief Executive Bernard Arnault, with $30 billion.

Real Time Analytics