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Mukesh Ambani's Big Pay Cut
Filed under: Wealth
The latest trend for billionaires around the world seems to be not raises but showy pay cuts. Bloomberg reports that India's Mukesh Ambani, Asia's richest man, took a 66 percent pay cut to "set a personal example of moderation" after a government call for austerity, thereby reducing his salary before he was asked to do so. Ambani, who is the chairman of Reliance Industries Ltd., will still take home what works out to around $3.3 million in salary plus his family, which owns 49 percent of the company, gets around $216 million in dividends. His younger brother, Anil Ambani is also giving up salary and commission from the five companies he owns. Mukesh Ambani is famous for his extravagance. He is currently building what will be the world's most lavish home, a $2 billion 27-story skyscraper and in 2007 he bought his wife and Airbus 319 plane for her birthday.
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