iNDICA NEWS BUREAU-
The popular saying, the rich get richer and the poor get poorer, gets truer than ever with each passing day.
The coronavirus pandemic saw many businesses shut down and make millions unemployed. That’s just one side of the story. On the other hand, big companies like Facebook, Google, and Amazon, doubled their profit more than ever.
In line with that, Asia’s richest man, Mukesh Ambani, has now entered a new league of wealth.
According to the Forbes Real-Time Billionaire list, Mukesh Ambani’s net worth increased by over 12 times from USD 5.3 billion to USD 64.6 billion, making him one of the top 10 richest people in the world.
Ambani, who owns 42% of Reliance, has benefited from several investments into the company’s digital unit, Jio Platforms Ltd., that Reliance said has made it net-debt free ahead of a March 2021 target.
He is the only Asian to feature among the top 10 richest people on the planet as per the Bloomberg Billionaires Index. He has stormed into the treasured club by displacing Oracle Corp’s Larry Ellison and France’s Francoise Bettencourt Meyers who is the wealthiest woman in the world.
The development comes as Ambani owned Jio Platforms has raised a spectacular sum to the tune of $15 billion from marquee investors dotting different parts of the globe, all lining up to grab a piece of the booming Indian digital story. The massive foreign investments have been amassed by Ambani unabated by the ongoing recession and COVID-19 pandemic led economic chaos across the globe.
So, it is true that when one crosses a certain limit of wealth, worldly problems like pandemic, recession, or war do not touch them in any way.
While the Indian economy “has been nearly decimated” during the lockdown to control the spread of Covid-19, “Mr. Ambani’s companies have prospered, and his wealth has increased substantially,” said Jayati Ghosh, chair of the Centre for Economic Studies and Planning at the Jawaharlal Nehru University.
The gap between the rich and the poor is evermore widening, as India is head towards its worst-ever recession.
Reliance Jio is one of the fastest growing online market place trying to compete with Amazon India and Walmart’s Flipkart.