Mukesh Ambani is once again the richest person in Asia. With a net worth of about $80 billion, Ambani is again richer than Zhong Shanshan, whose bottled-water company tanked a record 20 per cent this week.
The Chinese tycoon is worth $76.6 billion, down more than $22 billion from a peak just last week, according to the Bloomberg Billionaires Index.
However, despite a volatile week at the markets, Mukesh Ambani’s Reliance Industries Ltd. was relatively unscathed as it said it would spin off its oil-to-chemicals business into an independent unit.
Ambani spent most of the past two years leading the ranking of Asia’s richest people, taking over from Alibaba Group Holding Ltd.’s Jack Ma.
The rise in Shanshan’s net worth is attributed to the listing of two companies — vaccine maker Beijing Wantai Biological Pharmacy Enterprises Co and Nongu Spring Co, a bottled water firm.
Known as the ‘Lone Wolf’, Zhong has also eclipsed another Chinese giant, Jack Ma of Alibaba. His rise to the top in Asia is believed to be “one of the fastest” in history, reported Bloomberg, adding that he was little known outside of China until this year.
He grabbed the title from Ambani at the end of December and by early 2021 was the sixth-wealthiest person on Earth, surpassing Warren Buffett. Zhong’s Nongfu Spring Co. more than tripled from its initial public offering to a peak in January as investors flocked to consumer shares, while his vaccine maker, Beijing Wantai Biological Pharmacy Enterprise Co., surged as much as 3,757%.
But, amid the global sell-off, the rally faded as the Hong Kong and Chinese stock markets were among the world’s biggest decliners this week. Nongfu shares have erased their gains for the year, while Wantai’s posted a record monthly plunge.
Ambani, 63, who last year rose to the fourth spot on the Bloomberg Billionaire Index, is pushed to the 10th slot. His current net worth is $82.8 billion, down from nearly $90 billion (around Rs 6.62 lakh crore) last year.
Source: Times Now News