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Tuesday, October 30, 2007

The World's Richest Man

'Being the world'd richest man, what kind of a feeling it is? Is it like being on top of the world? Or does it feel like you have conquered the world and now aim for the stars?' I wanted to ask Mukesh Ambani.

Yesterday night, after I got home from a tiresome job, I was taken completely by surprise when I saw this news. Initially I thought that the TV Wallahs have taken advantage of the spectacular rise of stock market to cross the 20 K mark. But, when I started seeing the same news in other channels, I understood that it has happened.

I remembered the media hype about the doom of Reliance empire when Dhirubhai died and the spat between the brothers' started. Someone even predicted the bankrupty of the company. But, both the brothers, especially Mukesh, took the company a lot forward and Reliance grew out of limits of Dhirubhai's vision.

It should be considered that the economic reforms and the market is favoring any kind of investment. This was not the case when Dhirubhai started the company.

Mukesh is an engineer with a "half MBA". He tolds a Bachelor of Chemical Engineering from University of Mumbai and a one year MBA experience from Stanford. (He dropped out from Stanford Business School after one year of course to help his father to build a petrochemical plant). Anyway, even without that MBA, he can do many more wonders. So, yesterday .i.e 29th October 2007, Mukesh Ambani's net asset were estimated to be $63.2 billion. He has overtaken Microsoft's Bill Gates(net asset $62.29 billion) and Mexican tycoon Carlos Slim(net asset about $62.2. Almost close to that of Gates). To my surprise, Warren Buffet has fallen down to fourth place with about $56 billion as his net asset.

There have been some controversy regarding this news (In India, what is not without controversy!). Some people say that the holdings of Mukesh's in Reliance Petroluem should not be considered as he doesn't hold anything directly.(Mukesh has holdings in Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure Ltd. The great telecom arm of the company that he built now belongs to Anil Ambani and falls under ADAG). With the stock market going to a feverish high, it will not take so long for Mukesh to become the world's richest with thw holdings of Reliance Industries and Reliance Industrial Infrastructure Ltd.

1 comment:

Bonchi Buji said...

I have to make some clarifications about this. Yesterday, Reliace has officially announced that Mukesh is not the world's richest man and his asset is about $50 billion. Anyway, soon he will be the richest.

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