Some of you might be surprised to know that the wealthiest family in Asia is from India. Last year they threw one of the most lavish wedding celebrations in the world. The extravagant wedding celebration included a private Beyoncé concert and celebrity guests including Hillary Clinton, Arianna Huffington, Priyanka Chopra, and Nick Jonas.
So, who is this Indian family loaded with money? Meet the Ambani’s, behind the oil-to-telecom amalgamated Reliance Industries. Reliance Industry’s chairman and biggest shareholder is Mukesh Ambani, who has been declared the richest man in Asia. He is worth an estimated $50 billion, according to Forbes.
So where does he stand in the international line up of the rich and wealthy? He ranks in the top tier, making him the 13th richest person in the world.
Mukesh Ambani’s daughter, Isha Ambani, married Anand Piramal heir to a pharmaceutical and real-estate business, last December at the Ambani family home in Mumbai. The family home is a 27-story skyscraper that required an estimated $1 billion to build.
Currently, Isha Ambani’s twin brother Akash Ambani‘s extravagant wedding has broken the internet. With Bollywood celebrities posing at functions or the Ambani’s feeding thousands of people in the city, the Ambani’s sure know how to host costly weddings.
Here’s a peek at the Ambani family’s fortune, friends, rocky family relationships, and lavish lifestyles.
The Ambani Wealth
Their massive wealth started with Dhirubhai Ambani, who created Reliance Industries to manufacture textiles and fabrics. The company is now in the Fortune 500 list and worth $100 billion, and one of the most valuable businesses in India. Mukesh’s father Dhirubhai died in 2002 at age 69 without leaving a formal will behind for his two sons. You know what happens next!
A painful succession battle between the brothers ensued after their father’s death. In the long run, it tainted their brotherly bond, and a rivalrous relationship was formed between Mukesh and Anil. In the end, Mukesh, the older brother was left in charge of the majority of Reliance.
When things got really ugly, their mother had no choice but to intervene. She helped negotiate a deal in 2005 which resulted in splitting the company between Anil and Mukesh. The older sibling was left with control of the gas, oil, refining operations and petrochemicals of the business. The younger of the two took over telecommunications, construction and asset management, entertainment and power generation businesses.
Today, Mukesh Ambani, 61, is worth an estimated $50 billion as the largest shareholder and chairman of Reliance Industries Limited.
After a prolific year for Reliance Industries during which $4 billion was added to the Ambani net-worth, Mukesh left behind Alibaba Group founder Jack Ma in July 2018 and was crowned the richest man in Asia. Anil Ambani, on the other hand, is the chairman of Reliance Group and is worth an approximated $1.8 billion — more than $48 billion less than Mukesh. Bloomberg reported that in the same year Mukesh’s stature rose, Anils declined and saw his businesses suffer from “legal and liquidity challenges.”