Reliance Industries Limited’s market capitalization (10 lakh crore) is being shared as Ambani’s wealth - FACTLY
Sai Krishna Muthyanolla
December 2, 2019
A post is being shared widely of Facebook with a claim that Mukesh Ambani’s wealth increased from 4 lakh crore (in 2017) to 10 lakh crore (in 2019). Also, it is being claimed that India’s GDP decreased from 7.2% (in 2017) to 4.5% (in 2019). Let’s try to analyze the claim made in the post.
Mukesh Ambani’s wealth is 10 lakh crore (2019).
Fact: According to the ‘Forbes’, the net worth of Mukesh Ambani is around 4.3 lakh crore (as of today). Mukesh Ambani’s Reliance Industries Limited reached 10 lakh crore market capitalization in November, not his wealth. Hence the claim made in the post is MISLEADING.
‘Forbes’ publishes about the net worth of various individuals across the world. So, when searched about the net worth of Mukesh Ambani, it was found on the ‘Forbes’ website that his net worth is around 4.3 lakh crore (as of today).
When searched about the ’10 lakh crore’ part on Google, it was found that the ‘Reliance Industries Limited’ (RIL) has reached a market capitalization of 10 lakh crore in November – 2019. So, the market cap of RIL is 10 lakh crore, not the wealth of Mukesh Ambani. According to an article published by the ‘Economic Times’ on 18 September 2019, Mukesh Ambani’s shareholding in RIL is around 49%.
Also, India’s GDP growth fell to 4.5% in the second quarter of 2019-20. The 4.5% growth is not for the entire financial year of 2019-20.
To sum it up, the net worth of Mukesh Ambani is around 4.3 lakh crore (Forbes). RIL’s market cap is being shared as Ambani’s wealth.
Update: As per the ‘India Rich List’ released by Forbes, Mukesh Ambani net worth stood at 38 billion dollars (2.72 lakh crore in INR) in 2017 and at 52.4 billion dollars (3.76 lakh crore in INR) in 2019, an increase of nearly 38 per cent in his net worth.
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