Indian businessman Radhakishan Damani breaks into top 100 richest list - Vibes Of India

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Indian businessman Radhakishan Damani breaks into top 100 richest list

| Updated: August 18, 2021 13:13

Indian businessman Radhakishan Damani who is an owner of retail chain DMart is now among the top 100 richest people in the world.

Damani grew up in a humble background has made his place in the Bloomberg Billionaires Index which is a daily ranking of the world’s richest people. He is now ranked 98 on the Bloomberg Billionaires Index with a net worth of 19.2 billion dollars.

The other Indians in the list include Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar, Lakshmi Mittal.

Radhakishan Damani’s background

Damani was raised in a Marwari family in a single-room apartment in Mumbai. He studied commerce at the University of Mumbai and dropped out after a year of studying. After the death of his father who worked on Dalal Street, Damani left his ball-bearing business and became a stock market broker and investor.

In the year 1992, after the Harshad Mehta Scam came to limelight, he saw a major rise in his income due to the short-selling profits during the time.

He quit the stock market in 2000 to start his own hypermarket chain, DMart, setting up the first store in Powai in 2002. The chain had 25 stores in 2010, post-which the company grew rapidly and went public in 2017.

Damani keeps a low profile and rarely gives any interviews. He has also taught his stock trading techniques to Indian billionaire Rakesh Jhunjhunwala.

In 2020, he became the fourth richest Indian with a net worth of 16.5 billion dollars. He was ranked 117 on the global list of billionaires.

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