India's Ambani now 7th richest person; richer than Warren Buffett

63 years old Mukesh Ambani has now eclipsed the fortune of the popular American investor, business tycoon, and philanthropist Warren Buffett.

As of Sunday, July 12, the chairman of Reliance Industries Limited is worth $69.9 billion, surpassing Buffett's $69.1 billion, according to Forbes real-time data.

Ambani is currently the only Asian with a spot on the 10 richest people of the world list. Ambani is the 7th richest person in the world while Buffett is the 8th.

While Warren Buffett's humongous donations to charity and the overall stock market decline worldwide pushed him further down the list, Ambani's fortune has been upgraded largely because of Reliance's major deals and fundraising spree.

Ambani owns 42% of Reliance Industries Limited, a conglomerate that owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.

Analysts argue that India's ban on 59 Chinese mobile apps has opened a gold mine for Reliance, given that it capitalizes on the opportunity at the right time.

According to Bloomberg.com, "Mukesh Ambani has had a rollercoaster 2020, cutting a string of deals for his digital business, undergoing wild swings in his wealth and having his brother’s finances laid bare for the world to see."

Born in present-day Yemen, Ambani's dad Dhirubhai Ambani decided to move back to India to start a trading business that focused on spices and textiles. Ambani withdrew his MBA admission at Stanford University to help with his dad's business.

Dhirubhai's business expanded and diversified into multiple sectors, ultimately being a conglomerate. Mukesh Ambani has since then handled this family business and grown it into what it has become at the present.