• Home
  • Local News
  • Forbes Billionaires List Is Out, Mukesh Ambani Is Followed By This Retail King

Forbes Billionaires List Is Out, Mukesh Ambani Is Followed By This Retail King

By on May 6, 2020 0 198 Views

COVID-19 has proven to be not just a medical, but also a market emergency. The factories are locked, and offices shut across the world. Naturally, the situation has affected both extremes – the poorest among the poor and the billionaires. Forbes billionaires just released its annual list for 2020, showing how the pandemic has affected the richest.

Mr. Radhakishan Damani

Source

Last year, the total market value of all the billionaires globally was 8.7 trillion US dollars. While this year, the total market value of the same is reduced to 8 trillion US dollars.

The total market value of Indian billionaires has also taken a toll due to Coronavirus lockdown. Last year, the clans of Indian Billionaire had a worth of around 400 billion US dollars, while this year, their total market worth is reduced by 23% to 313 billion US dollars. 

Not just in total value, but the list of Indian billionaires is also shortened by the pandemic. Last year, there were 106 billionaires in India, while this year, only 102 people could make up their names in the billionaire list.

Not just with its size, but the list is also seeing a change with the entry of few new faces like that of Mr. Byju Raveendran. He was a math tutor before founding the online education proving company BYJU’s. After running the company with remarkable success for a few years, Mr. Raveendran got the attention of Mark Zuckerberg’s Facebook and Multinational conglomerate company Tencent. In its last round of funding in January this year, BYJU’s market value got hiked up to 8 billion dollars. The net market worth of its founder is estimated to be around 1.8 billion US dollars.

Byju Raveendran

India’s Top Three

For the past few years, the top spot in Forbes billionaires list of Indian billionaires is retained by the chairman, managing director, and the largest shareholder of Reliance Industries Ltd, Mr. Mukesh Amabani. The total market worth of this billionaire business magnate is estimated at 36.8 billion US dollars.

Mukesh Ambani is followed in the list by the Mr. Radhakishan Damani, who is otherwise known as the retail king of India. The founder of Avenue Supermarts, Mr. Damani, has made on the second rank only this year. His estimated market worth is 13.8 billion US dollars. Last year, Lakshmi Mittal of ArcelorMittal was at his place.

In the third position is the co-founder of HCL Group, Mr. Shiv Nadar. With an estimated market worth of 11.9 billion US dollars, Mr. Nadar was on the spot in 2019, too.

The country with the most number of billionaires is the United States of America, followed by China, Germany, India, and Russia.

Liked what you read? Head on to our Local Section to know more about what’s happening in India.

Leave a comment

Your email address will not be published. Required fields are marked *