Mukesh Ambani Becomes World's 18th Richest Person

Reliance Industries Limited (RIL) Chairman Mukesh Ambani is world's 18th wealthiest person with a net worth of USD 47.2 billion in the Bloomberg Billionaires Index, a daily ranking of the world's wealthiest 500 individuals.

The net worth of the wealthiest people in the world keeps on shuffling with the time as a major part of the net worth is derived from the respective equity holding. Ambani controls almost 42 percent of Reliance Industries, owner of the world's largest oil refining complex. The Mumbai-based conglomerate's other businesses include a 4G wireless network across India. The billionaire also owns a residential property worth more than $400 million and the Mumbai Indians professional cricket team.

Details about the calculations are provided in the net worth analysis on each billionaire’s profile page, with figures being updated at the close of every trading day in New York.

Amazon Founder and CEO Jeff Bezos is the world's richest person with a total net worth of USD 125 billion, according to the Bloomberg Billionaires Index. , Microsoft Inc’s Founder Chairman Bill Gates has regained the second-richest place in the world rich list prepared by Bloomberg. According to the Bloomberg Billionaires Index, Bill Gates’ net worth is estimated to be at $106 billion, whereas the net worth of Bernard Arnault, Chairman and CEO of the wine-to-apparel-to-watch multi-billion dollar conglomerate -- LVMH Moët Hennessy -- Louis Vuitton SE, has dropped to $97.8 billion, as of August 04, 2019.

According to Bloombery, Ambani's Mumbai mansion, Antilia, is valued at more than USD 400 million, according to a September 2014 analysis by property surveyors, which has been updated in line with market trends. The valuation is lower than unverified media reports which say Ambani has spent more than USD 1 billion on the 27-story property.

Mukesh Ambani-led Reliance Industries' subsidiary Reliance Industrial Investments and Holdings Ltd (RIIHL) is investing Rs 295.25 crore in Mumbai-based Fynd as part of its focus on consumer businesses and mobile phone services.

Even, Amazon.com Inc is in talks with Reliance Industries' retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told Reuters on Friday.

Amazon's massive online presence could help bolster Reliance's consumer and private labels business. More importantly, a potential partnership will help the duo counter Walmart, which last year invested $16 billion in Flipkart, in their battle for a bigger share of India's fast-growing e-commerce market.

Reliance was previously in talks with China's Alibaba to sell a stake in Reliance Retail, but a deal could not be sealed due to differences in valuation, according to a person familiar with the matter.