• Mukesh Ambani is the richest man in India
  • He has a net worth of $53 billion
  • Ambani lost $2 billion because of the pandemic

Mukesh Ambani’s net worth has been reduced by as much as $2 billion due to the ongoing pandemic crisis.

Ambani, one of the richest men in the world, is the wealthiest person in India. He built his fortune investing in different industries such as oil and gas and telecom. As the owner of Reliance Industries, one of the biggest oil refining complexes worldwide, Ambani’s businesses are expected to be hit massively by the crisis. On top of Reliance Industries, he also owns a cricket team and a residential property among others, per Bloomberg. Since activities and events are suspended indefinitely and human movements and interactions are restricted, his sports and real estate business are reeling from the pandemic crisis.

The 63-year-old expanded his ventures in the telecom industry in 2016 after launching Jio. A report claims it now has more than 340 million subscribers after some key strategies worked: Ambani offered free domestic calls and affordable data services coupled with a free smartphone to lure in new customers.

Meanwhile, the second on the list, the elusive Radhakishan Damani, has seen his money in the bank increase by as much as 25 percent, bringing the total to $13.8 billion. This can be attributed to his retail business, having shares of Avenue Supermarts which operates DMart Supermarket chains. Supermarkets are considered essential during the coronavirus outbreak, and so it is business as usual for him with the new protocols tailored for the pandemic.

Chairman and Managing Director of Reliance Industries Mukesh Ambani, the richest man in India
Chairman and Managing Director of Reliance Industries Mukesh Ambani, the richest man in India. Reuters

Overall, although the net worth of the richest in India has been slashed because of the crisis, there are also those who have broken the barriers and made it to the wealthiest list. According to Forbes, one of them is 39-year-old Byju Raveendran, founder of edtech unicorn Byju’s. Mark Zuckerberg and China’s Tencent have invested in the edtech app.

It is interesting to note that a lot of businesses that are considered essential are thriving despite the COVID-19 crisis. There is Jeff Bezos’ Amazon and Damani’s DMart. Both of them are in the retail industry, offering food and other essentials and both of them have seen their net worth increase in these uncertain times. For other businessmen, it might be time to put focus on essential services after the lockdown ends. There is no going back to the old ways and a new normal will surface soon. Businesses should adapt or else suffer the consequences.

This just proves that COVID-19 and its devastating effects in one’s health and personal finances is not sparing anyone. Some may say this pandemic is the great equalizer between the rich and poor countries, and while some of the wealthiest may lose billions during the lockdown like it’s nothing, for the underprivileged, the lockdown could mean life and death.