Mukesh Ambani becomes world's seventh richest, overtakes investor tycoon Warren Buffett

Reliance Industries Chairman Mukesh Ambani has become the world's 7th richest person after overtaking legendary investor tycoon Warren Buffett in terms of net worth.

The Indian billionaire's net worth currently stands at $69.9 billion, while Warren Buffer's net worth stands at $69.1 billion. Amazon founder Jeff Bezos is ranked at the top of the world's richest individuals list with a net worth of $189.2 billion. 

Mukesh Ambani's net worth has seen a massive spike due to the rapid rise in the share price of Reliance Industries. RIL's share prices have almost doubled since March 2020 after a series of investments in Reliance Jio platforms within three months starting with Facebook in April.

Who is Warren Buffet?

Warren Edward Buffett is an American investor and business tycoon, who is the chairman and CEO of Berkshire Hathaway.

Buffet is known to be one of the most successful investors in the world. He had a net worth of $88.9 billion in December 2019, which made him the fourth-richest person in the world.

Buffet was also previously holding the spot of the world's second-richest individual for the longest time. His net worth, however, has not seen much recently with his investment firm-Berkshire Hathaway - underperforming over the past decade.

He has often been referred to as the "Oracle" or "Sage" of Omaha by global media. Omaha is the place where he was born. It is located in Nebraska in the United States. 

Forbes' Real-Time Billionaires rankings:

Background

The Forbes' Real-Time Billionaires rankings track the daily rise and fall of the fortunes of the world’s richest people. Indian business tycoon Mukesh Ambani had joined the exclusive club of the world's top richest people in June 2020 with a sudden soar in his net worth. The RIL Chairman was then ranked 9th on the list with a net worth of USD 64.5 billion. 

Ambani's net worth increased by almost 12 times in just two months from USD 5.3 billion to USD 64.6 billion. He owns 42 percent shares of Reliance Industries Ltd, which recently declared itself net-debt free after a huge inflow of investments into Jio and a recent RIL right issue, which together raised around ₹168,818.15.