The pandemic has not just made us lose our mental space but also made us lose a fortune, like literally. Considering the drastic low in the stock market and the economy, it seems that it’s not just a layperson like you or me who are struggling with the salary cuts and trying to survive. The pandemic has also affected the Indian billionaires a fortune.
It was only last month that the net worth of India's richest man Mukesh Ambani dropped 28 per cent or $300 million a day for two months to $48 billion as on March 31 due to the massive correction in stock markets. The chairman and managing director of the diversified Reliance Industries saw his wealth decline to $19 billion, taking his global ranking down eight places to 17th.
Other Indian businessmen who have seen a major drop in wealth include Gautam Adani whose wealth eroded by $6 billion or 37 per cent, HCL Technologies’s Shiv Nadar ($5 billion or 26 per cent) and banker Uday Kotak ($4 billion or 28 per cent), it said.
All the three have dropped off the top 100 list, leaving Ambani as the only Indian in the league also resulting in the decline of the total number of Indian billionaires from 102 to 106 in 2019. According toForbes, their collective net worth has also taken a dip by 23 per cent to $313 billion.
While some people have come off the list there are few like Byju Raveendran, former Math tutor and founder of edtech company BYJU’s, found themselves on the global rich list for the first time.
With an estimated net worth of $1.8 billion, Raveendran became India’s youngest billionaire to be on the coveted list. In January, BYJU’s was valued at $8 billion in its last round of funding. Facebook’s Mark Zuckerberg and China’s Tencent are some of its investors.
Despite losing a high percentage of his wealth, Reliance Industries’ Chairman Mukesh Ambani retained the top spot on the list with an estimated net worth of $36.8 billion, followed by the retail tycoon and founder of Avenue Supermarts (DMart supermarkets chain) Radhakishan Damani with an estimated net worth of $13.8 billion, making him India’s second-richest person for the very first time. Shiv Nadar, co-founder of HCL Group, took the third spot with an estimated net worth of $11.9 billion.
Well, considering the number mentioned above, it doesn’t seem like these billionaires have lost much. Doesn’t it?