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How hard has the coronavirus hit Indian billionaires?

Created on 07 Apr 2020

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Coronavirus has hit the Indian billionaires hard.What happened to them?
COVID-19 is probably one of the worst pandemics world has ever seen. But, there’s one thing or rather a feature of this pandemic that can not be ignored and that’s liberalism. Coronavirus has indeed devastated the entire world and the pandemic might have had an equal effect on all the socio-economic classes, castes and creeds. So, poor people might be a little satisfied to know that they are not the only ones suffering, rich people are suffering as well due to this virus. The reason we are saying this is stated below.

India’s richest have been hit hard by Coronavirus, not concerning health but wealth. According to the latest list of richest persons in the world, India’s wealthiest man Mukesh Ambani, slipped eight positions as his net worth declined. Other Indians who were there in the list of top 100 have lost their grounds completely and hence, Ambani is the only one remaining in the list now.

Who Lost How Much?

Before delving into how much did the billionaires lose, just imagine their situation and try empathizing with them. With the drastic market correction in the last two months, they seriously lost a lot of money. And, probably they might be crying in a corner of their luxurious homes with their heads under pillows because of course, they can’t express their pain publicly (Just imagine Mr. Ambani doing this in a lone corner of Antilia, no offenses).

By the way, Mukesh Ambani lost 28% (which is $19 billion or Rs.1.44 lakh crore) and slipped to 17th place in the list. Gautam Adani lost 37% ($6 billion), Shiv Nadar lost 26% ($5 billion) and Uday Kotak lost 28% ($4 billion) and all these three India’s richest men dropped off the top 100 list. How sad! But on second thought, just see that the amounts they have lost in just last 2 months are so huge that a common man doesn’t think of earning that much in his entire life!

Global Effect

Heard of Bernard Arnault? The chief of fashion major LVMH lost the most during this crisis. He lost $30 billion and his wealth eroded by 28%. But, Arnault’s net worth still stands at $77 billion! Besides this, Jeff Bezos, Bill Gates and Warren Buffett also lost huge money but their positions in the Hurun Global Rich list remain as it is with Bezos on top.

Conclusion

Indices have fallen, markets are correcting themselves and GDP growths are suffering. The last two months specifically have eaten away a lot of wealth globally. “If wealth is lost, nothing is lost” doesn’t sound true anymore. And, with no vaccine available to date for Coronavirus, the situation looks to just worsen up in the future. But, all we can do is keep hope and do our bit by taking care of ourselves and staying at home as responsible citizens. Because, we stay safe, wealth can be created again in the future.

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If people could be named after idioms, Deb would be called "I'm all ears." His brain is a storehouse, ever overflowing with derelict information. So, while most things he talks about are as useless as occasion-less greeting cards, everything he writes has the potential of bagging you multiple diplomas!

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