SumSam
October 30th, 2007, 01:19 AM
Ambani overtakes Gates to become world's richest man (http://news.independent.co.uk/business/news/article3109959.ece)
A record-breaking performance by India's stock markets has put the industrialist Mukesh Ambani at the top of a list of the world's richest people.
Buoyed by unprecedented inflows from US and European investors, the benchmark Mumbai Sensex stock index topped 20,000 for the first time yesterday – having almost doubled in value in the last two years.
One of the results of the surge in share prices has been a boost for Mr Ambani's Reliance Industries, a powerhouse of the country's industrial strength and its most valuable firm. Its excellent performance, along with that of two other of the group's companies, saw the net worth of its chairman and managing director rise to $63.2bn (£30.6bn) yesterday.
The Press Trust of India reported that the increase placed Mr Ambani above such figures as Microsoft's Bill Gates and Mexico's Carlos Slim Helu, who are each worth just over $62bn.
There's been a flood of dollars and euros into the Indian stock market, its been amazing to watch. If the US economy continues its present trend towards recession, you can expect more investor outflows into Asian markets. Expect Ambani to touch $ 100 billion fortune in that case. As of now Mukesh and his younger brother Anil have a combined fortune of $100 billion already. :faint That's India for you as always - breathtaking wealth and grinding poverty within a stone's throw of each other. :rolleyes
A record-breaking performance by India's stock markets has put the industrialist Mukesh Ambani at the top of a list of the world's richest people.
Buoyed by unprecedented inflows from US and European investors, the benchmark Mumbai Sensex stock index topped 20,000 for the first time yesterday – having almost doubled in value in the last two years.
One of the results of the surge in share prices has been a boost for Mr Ambani's Reliance Industries, a powerhouse of the country's industrial strength and its most valuable firm. Its excellent performance, along with that of two other of the group's companies, saw the net worth of its chairman and managing director rise to $63.2bn (£30.6bn) yesterday.
The Press Trust of India reported that the increase placed Mr Ambani above such figures as Microsoft's Bill Gates and Mexico's Carlos Slim Helu, who are each worth just over $62bn.
There's been a flood of dollars and euros into the Indian stock market, its been amazing to watch. If the US economy continues its present trend towards recession, you can expect more investor outflows into Asian markets. Expect Ambani to touch $ 100 billion fortune in that case. As of now Mukesh and his younger brother Anil have a combined fortune of $100 billion already. :faint That's India for you as always - breathtaking wealth and grinding poverty within a stone's throw of each other. :rolleyes