Mukesh Ambani is an Indian billionaire businessman and the Chairman of Reliance Industries, the most valuable company in India. According to Forbes, his estimated net worth as of February 2024 is $112.1 billion, making him the richest person in Asia and the 11th richest in the world.
Ambani’s wealth comes from his stake in Reliance Industries, a conglomerate with interests in oil, gas, petrochemicals, telecoms, and more.
Under his leadership, the company has grown into a global powerhouse, with revenues of over $100 billion and a market capitalization of over $1 trillion.
In 2023, Ambani spun out Jio Financial Services, a new company that is expected to become a major player in India’s rapidly growing fintech sector.
Ambani’s net worth has been on the rise in recent years, driven by the success of Reliance Industries and his other business ventures.
In January 2024, his fortune climbed above $100 billion once again, making him a centibillionaire.
Mukesh Ambani’s Early Life and Education
Family Background and Education
Mukesh Ambani, born on April 19, 1957, in Aden, Yemen, is the eldest son of Dhirubhai Ambani, the founder of Reliance Industries. His father’s success as a businessman had a significant impact on his upbringing.
Mukesh Ambani and his siblings, Anil Ambani, Deepti Salgaonkar, and Nina Kothari, were raised in Mumbai, India.
Mukesh Ambani attended the Hill Grange High School in Mumbai and completed his pre-university education from Elphinstone College.
He then pursued chemical engineering at the Institute of Chemical Technology in Mumbai, formerly known as the University Department of Chemical Technology (UDCT).
After completing his bachelor’s degree, he went on to pursue an MBA from Stanford University in the United States.
Rise to Business Leadership
After completing his education, Mukesh Ambani returned to India and joined Reliance Industries in 1981. He started working in the company’s polyester division and quickly rose through the ranks.
In 1985, he oversaw the construction of Reliance’s first textile plant in Naroda, Gujarat.
Under Mukesh Ambani’s leadership, Reliance Industries diversified into various sectors, including petrochemicals, refining, oil and gas exploration, and telecommunications.
He played a crucial role in the company’s expansion and growth, which led to its emergence as one of India’s largest conglomerates.
Reliance Industries: Business Empire
Mukesh Ambani is the chairman and managing director of Reliance Industries, one of India’s largest conglomerates. The company operates in various sectors, including energy, petrochemicals, telecom, and retail. With a market capitalization of over $200 billion, Reliance Industries has become one of the most valuable companies in India.
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Energy and Petrochemicals Division
Reliance Industries has a significant presence in the oil and gas industry. The company operates the world’s largest oil refining complex in Jamnagar, Gujarat, with a capacity of over 1.2 million barrels per day.
Reliance also has a significant presence in the petrochemicals industry, with a diverse portfolio of products that include polymers, polyesters, and chemicals.
Telecom and Digital Services
Reliance Jio, the telecom arm of Reliance Industries, has disrupted the Indian telecom industry with its low-cost data plans and innovative offerings. The company has rapidly grown its subscriber base, with over 400 million users as of 2021.
Reliance Jio has also expanded into digital services, including e-commerce, music streaming, and video streaming.
Retail Ventures and Expansion
Reliance Retail is the retail arm of Reliance Industries, with a presence in over 7,000 cities and towns in India. The company operates a diverse range of retail formats, including supermarkets, hypermarkets, and convenience stores.
Reliance Retail has also expanded into e-commerce, with the acquisition of online grocery platform JioMart.
Mukesh Ambani’s Net Worth and Investments
Forbes Ranking and Wealth Comparison
Mukesh Ambani is one of the wealthiest people in the world, consistently ranking in the top 10 on Forbes’ list of billionaires. As of January 2024, his net worth is estimated to be between $97 billion and $100.9 billion, making him one of the richest people in the world. In 2023, Forbes ranked him as the 5th richest person in the world with a net worth of $83.4 billion.
Stake in Reliance and Other Assets
Mukesh Ambani’s wealth comes primarily from his 42% stake in Reliance Industries, a conglomerate with interests in petrochemicals, refining, oil, and gas exploration.
As of January 2024, Reliance Industries had a market value of $1.4 trillion, making it one of the largest companies in India.
Ambani also has other major assets, including a 45% stake in Reliance Jio, India’s largest mobile network operator, and significant investments in other businesses such as retail and media.
Ambani’s investments have not always been successful, however. In 2023, his investment in an NFL team got off to a slow start, with the team unexpectedly missing the playoffs.
Despite this setback, Ambani’s overall net worth has continued to climb, making him one of the most successful and influential billionaires in the world.
Personal Life and Public Image
Family and Personal Interests
Mukesh Ambani is married to Nita Ambani, and they have three children together.
Their elder son, Akash, is married to Shloka Mehta, the daughter of a diamond merchant, and their younger son, Anant, is currently studying at the University of Pennsylvania. Their daughter, Isha, is married to Anand Piramal, the son of a billionaire businessman.
Apart from his family, Mukesh Ambani has a keen interest in sports and is the owner of the Mumbai Indians, a franchise cricket team in the Indian Premier League.
He is also an avid art collector and has an impressive collection of modern and contemporary Indian art.
Philanthropy and Social Contributions
Mukesh Ambani is known for his philanthropic efforts and has been involved in various charitable initiatives.
He is the founder of the Reliance Foundation, which works towards the betterment of the underprivileged sections of society.
The foundation is involved in various social welfare programs, including education, healthcare, and rural development.
In addition to this, Ambani has also made significant contributions towards disaster relief efforts, including the floods in Kerala and the earthquake in Gujarat.
He has also pledged to donate 100% of his salary towards charitable causes.
Despite his immense wealth, Mukesh Ambani is known for his modest lifestyle and is often seen wearing simple attire.
He resides in Antilia, a 27-story mansion in Mumbai, which is one of the most expensive private residences in the world.
However, he has been praised for his efforts towards sustainable living and has incorporated various eco-friendly features into his home.