In comparison, Alibaba Group founder Jack Ma's net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion.
It’s
been a good year for Asia’s richest man, Mukesh
Ambani. The Indian tycoon added almost $17 billion to his wealth
as of Dec. 23, the most in Asia, taking his net worth to about $61
billion, according to the Bloomberg Billionaires Index. In
comparison, Alibaba Group founder Jack Ma’s net worth grew $11.3
billion, while Jeff Bezos lost $13.2 billion.
The
surge in Ambani’s fortune this year was fueled by a 40% jump in the
shares of his Reliance Industries Ltd., a conglomerate that’s
pivoting more toward consumer offerings than its core oil refining
and petrochemicals businesses. The rally in the stock is more than
double the gains for India’s benchmark S&P BSE Sensex index
during the period.
Investors
are piling money on Reliance, betting newer businesses such as
telecommunications and retail could soon unlock value. With a goal of
building a local e-commerce giant to challenge the likes of
Amazon.com Inc. in India, Ambani has spent almost $50 billion --
mostly debt -- on a wireless carrier that’s become India’s No. 1
within three years of debut.
“Mukesh
Ambani changed the narrative for Reliance
Industries” as a leader not just in oil and gas but also in
telecom and retail, and possibly soon in e-commerce as well, said
Chakri Lokapriya, chief investment officer at TCG Asset Management,
which oversees $3 billion in assets in Mumbai.
“He
successfully identified, invested and executed rapidly to create this
new narrative,” Lokapriya said. “We believe this can potentially
double shareholder value over the next four years.”
The
newer businesses are likely to contribute 50% of Reliance’s
earnings in a few years, from about 32% now, Ambani said in August. A
representative for Reliance didn’t reply to an email seeking
comment on Ambani’s wealth.
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