Mukesh Ambani is a big winner among the half who gained despite the pandemic
India has been hit hard by Covid-19, with more than 6 million cases—the world’s second-highest count—and reported a 24% plunge in economic growth for the quarter ending June. Despite this adversity, half of the nation’s 100 richest saw gains, rising a collective 14% to $517.5 billion even as the benchmark BSE Sensex remained flat from a year ago. More than half of that increase can be ascribed to one individual: Mukesh Ambani, at No. 1 for the 13th year, who added $37.3 billion to his fortune—a rise of 73%—to a net worth of $88.7 billion. Shares of his Reliance Industries soared when, amid the nation’s lockdown, Ambani raised more than $20 billion for Jio Platforms, Reliance’s fast-growing digital arm, from a string of marquee investors that included Facebook and Google. Investors are now eyeing Reliance Retail, which has already raised $4.4 billion from investors and recently made a major acquisition.