India's business tycoons Mukesh Ambani and Gautam Adani have surpassed Chinese industrial magnates, such as Alibaba founder Jack Ma, in the latest global wealth rankings.
The current wealth rankings elevate Ambani and Adani to the richest businessmen in Asia, as per a Financial Times report citing Bloomberg data. The former now occupies the 12th position in the global rankings – one space behind the former CEO of Microsoft Steve Ballmer.
While Reliance Industries chairman Ambani’s wealth is estimated to be $84 billion, the net worth of the director of the Adani conglomerate has risen to $78 billion, as per Bloomberg data.
Reliance Industries is a multinational conglomerate working in the fields of telecommunications, energy and retail. Adani Group, the flagship company of Adani Enterprises, is involved in the areas of energy utility and transport logistics.
CEO of Marcellus Investment Managers Saurabh Mukherjea has indicated that a rise in the wealth of the two Indian capitalists suggests that the profits among Indian businesses are accumulating into the hands of a few tycoons, understood as "promoters".
This has resulted in a polarisation of wealth in the country.
The two moguls have seen an amplification in their company’s stocks, even as the country reels from a second outbreak of COVID-19.
The Nifty 50 index, which keeps a record of the 50 biggest corporations in India, has risen by 10 percent from its nadir in April, as a resurgence in domestic demand is expected.
Adani, Ambani Surpass Chinese Tycoons
Zhong Shanshan, majority owner of Beijing Wantai Biological Pharmacy Enterprise, has come third, behind Adani, in the wealth ranking for Asia, with a net worth of $71 billion. Tencent chairman Pony Ma comes next in the list, followed by businessman Jack Ma.
For years, Chinese tycoons had been occupying high positions in Asia's wealth rankings.
This pattern of precedence had been attributed to the previously exponential expansion of IT conglomerates such as Alibaba and Tencent.
The downfall of Chinese tech giants comes in the wake of the regulatory crackdowns imposed on the country's technology sector by China's cyber regulator.
The COVID-19 pandemic has further intensified the existing income inequalities between India’s billionaires and its unskilled workers, non-profit group Oxfam had said in January this year.
“India's 100 top billionaires have seen fortunes increase by Rs 12,97,822 crore since March last year, which is enough to give 13.8 crore poorest Indians cheques of Rs 94,045 each,” the report said.
(With inputs from Financial Times.)
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