Mukesh Ambani

Mukesh Ambani, the richest person in Asia, joined Jeff Bezos and Elon Musk in the world’s most exclusive fortune club with a fortune of at least $ 100 billion.

The chairman of Reliance Industries in India joined the rarefied 11-man group as his conglomerate’s shares recently hit an all-time high. He is now worth $ 100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $ 23.8 billion this year.

Since inheriting the oil refining and petrochemicals business of his late father’s empire in 2005, Mr. Ambani, 64, has sought to turn the energy giant into a sales titan. retail, technology and e-commerce.

Its telecommunications unit, which started its services in 2016, is now the dominant operator in the Indian market. Its retail and tech companies raised around $ 27 billion last year, selling stakes to investors ranging from Facebook and Google to KKR & Co and Silver Lake.

Mr Ambani unveiled an ambitious push into green energy in June, with a planned investment of around $ 10 billion over three years. And last month, the mogul said his company would aggressively pursue the production of cheaper green hydrogen. The plan aligns with Indian Prime Minister Narendra Modi’s ambitions to make India a global hub for manufacturing cleaner fuels to tackle climate change and reduce energy imports from the world’s third-largest oil consumer .

“Mukesh Ambani is at the forefront of building new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management in Mumbai. “Building large-scale businesses quickly presents execution challenges, but it has demonstrated its capabilities. “

Reliance’s history dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas station attendant in Yemen, began to build his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, an inheritance dispute broke out between his two sons, Mukesh and Anil, 62, which was ultimately settled by the siblings’ mother, Kokilaben. , in 2005.

Mukesh Ambani is at the forefront of building new businesses with new emerging technologies

Chakri Lokapriya, Director of Investments at TCG Asset Management

Under the truce deal, Mr. Mukesh took control of the flagship activities of petroleum refining and petrochemicals, while his younger brother was granted new areas such as power generation, financial services and telecommunications services. Anil – once a billionaire – told a London court last year that his net worth was zero.

Indian billionaires are among the biggest climbers on the rich global list, as the top performing Asian stock market this year is benefiting from a surge in initial public offerings.

Gautam Adani, founder of coal-fired and renewable energy conglomerate Adani Group, added $ 39.5 billion to his fortune this year, while the country’s third richest person, tech mogul Azim Premji, saw his wealth increase by $ 12.8 billion.

Elon musk

Elon Musk wants Jeff Bezos to know he’s No.1. The Tesla co-founder responded to a tweet from Mr Bezos on October 11 with a silver medal emoji after the gap between the world’s two richest people widened last week due to valuation soaring from Mr. Musk’s rocket company, SpaceX. His net worth is now $ 222 billion, while Amazon’s Mr. Bezos is at $ 190.8 billion, according to the Bloomberg Billionaires Index.

The jab intensifies the public feud between the two billionaires, who are both trying to revolutionize the space industry.

Mr Bezos’ Blue Origin challenges a US government contract with SpaceX to develop technology to land people on the moon again, while Mr Musk previously took to Twitter to call Amazon founder a “Copier” for the space companies of his e-commerce company. . In a recent filing with US regulators, Amazon’s satellite subsidiary accused Musk and his companies of flouting regulations with a general attitude that “the rules are for others.”

Mr. Musk, 50, added about $ 9 billion to his fortune on Oct. 8 after a deal with investors valuing SpaceX at over $ 100 billion, more than quadruple the size of Blue Origin, according to the Bloomberg Wealth Index.

Mr. Musk still derives about three-quarters of his fortune from Tesla, which he co-founded in 2003 after making his fortune selling e-commerce site PayPal to eBay for $ 1.5 billion.

Andrew Forrest

Billionaire mining mogul Andrew Forrest is planning a massive plant to build equipment to produce green hydrogen at a key Australian coal center.

Fortescue Metals Group’s power unit will build a plant with an initial capacity to produce two gigawatts of electrolyzers per year in Gladstone, Queensland, which is home to one of the largest coal export terminals in the world. Construction will begin in February and manufacturing is expected to begin in early 2023, the company said.

The initial capacity would make the plant one of the largest in the world and put Australia in early competition with China as the main producer of equipment. When paired with renewables, electrolysers can produce hydrogen that can be stored and transported and eventually converted into carbon-free energy for electricity or transportation.

“This initiative is a critical step in Fortescue’s transition from a highly successful and pure iron ore producer to an even more successful renewable energy and green resource power plant,” said Forrest.

Fortescue Future Industries’ investment, initially $ 83 million and potentially reaching $ 650 million, is part of a boom for equipment, which circulates an electric current through water to separate it into hydrogen and oxygen. . About 16 gigawatts of manufacturing capacity could be in service by 2024, according to BloombergNEF, which will likely leave the market oversaturated.

Soichiro Swimmy Minami

Soichiro Swimmy Minami came under the wing of Japanese billionaire Hiroshi Mikitani, founder of the Rakuten e-commerce group, when he worked on Rakuten’s professional baseball team in 2004.

Mr. Mikitani told him that companies need to solve a social problem – and Mr. Minami took his words to heart.

In April, Mr. Minami listed his own company, Visional, on the Tokyo Stock Exchange. The entrepreneur is now worth $ 1.1 billion, according to the Bloomberg Billionaires Index, taking his place alongside Mr. Mikitani in the billionaire ranks.

This is another example of how the IPO boom is creating vast fortunes for founders around the world.

“He mentored me in a way,” says Mr. Minami, 45. He “taught me that business is about solving the problems of society and making society better.”

As Mr. Minami says, that’s exactly what Visional is trying to do.

The businessman created Visional, which operates the BizReach recruitment platform, in 2009 because he saw Japan’s lifelong employment system as a huge obstacle to the country’s growth.

Only about 2 percent of full-time workers in Japan changed jobs last year, Minami said, citing government data. According to OECD data, the rate of workers with a job for more than 10 years was 48% in Japan in 2017, the highest among 35 countries, including the United States, France and the United Kingdom .

In contrast, a recent PwC survey in the United States found that 65 percent of employees are looking for new jobs.

“I just felt that this outdated style of working in Japan needed to be changed,” Minami says. “There is a lot of room to grow, a lot of room for improvement. And that’s what I’m betting on.

BizReach allows job seekers to post their CVs on its site and be contacted directly by employers and headhunters. It targets full-time workers who earn an annual salary of more than 6 million yen ($ 54,000), according to Mr. Minami. It had around 1.4 million job seekers registered on the platform in July 2021, according to a company presentation, with more than 17,000 employers subscribing to the service.

Visional stock has risen 43% since its listing in April – most of which came from a first-day pop. This compares to a gain of around 8 percent for Japan’s benchmark Topix index.

I just felt this outdated style of working in Japan needed to be changed

Soichiro Swimmy Minami, Founder of Visional

Investors are waiting to see if the company’s earnings growth is sustainable, says Tomoichiro Kubota, senior market analyst at Matsui Securities in Tokyo. Otherwise, “it will probably be difficult to anticipate a larger hike,” he said.

Visional reported revenue of 28.7 billion yen for the 12 months ended July, an increase of 11% from the previous year. Operating profit was 2.4 billion yen, 8.3% higher than a year earlier.

Whatever happens with the stock, Minami says he’s just beginning his plan to change the Japanese workforce and in doing so make the country more productive.

“It’s very inefficient,” he says. “But if you could make it efficient, I think we’re back in business.”

Update: October 17, 2021 5:00 a.m.

About The Author

Related Posts