News

Mukesh Ambani Loses $300 Million Per Day In Two Months Due To The Coronavirus Crisis

The ongoing coronavirus pandemic has disrupted business, shaken the economy and rendered many people jobless.

These trying times have also affected billionaires all around the world. These rich business tycoons have lost billions of dollars owing to this health crisis.

This is how their wealth has been impacted by the COVID-19 outbreak.

The top 100 billionaires of the world have lost around $408 billion dollars in just 2 months.

If the data given by the Shanghai-based Hurun Report is to be believed, the pandemic has led to a loss of $408 billion from the combined wealth of the top 100 billionaires of the world.

According to Rupert Hoogewerf, the Hurun Report Chairman, “The last two months have wiped out all wealth made in the past 2.5 years.” He also noted that $125 billion (over a quarter of the amount) was lost by only the top 10 richest people.

Mukesh Ambani, Bernard Arnault among the most affect billionaires.

Bernard Arnault (Chief Executive of LVMH), Mukesh Ambani (Reliance MD and Chairman) and Warren Buffett (CEO of Berkshire Hathaway) were among those who had to bear the biggest loss in the last 2 months (till March 31).

Arnault lost about $30 billion, which is 28% of his net worth. India’s richest man Mukesh Ambani, as well as Warren Buffett, lost $19 billion each. Ambani and Buffett had to witness a loss of around $300 million per day.

Among other Indian billionaires who have been most affected by this calamity is Ritesh Agarwal, co-founder of OYO rooms. He lost his place in the global billionaires club.

Shiv Nadar, Gautam Adani, and Uday Kotak are other business moguls who are not a part of Hurun’s top 100 billionaires list anymore. Nadar, Adani, and Kotak lost $5 billion, $6 billion and $4 billion respectively.

Anas Junaid, MD at Hurun Report India said, “India’s top entrepreneurs have been hit by a 26% drop in the stock markets and a 5.2% drop in the value of the rupee compared with the US dollar.”

Things look rather uncertain as of now and it cannot be said when will the disease be contained. In this situation, it is likely that the economic fallout may continue in the near future.

You Might Also Like