Indian Mukesh Ambani has once again become the richest person in Asia.
Despite a brutal week in the markets, his company Reliance Industries Ltd. she was relatively unharmed because she said she would turn her oil and chemical business into an independent unit. With a net worth of about $ 80 billion, Ambani is again richer than Zhong Shanshan, whose bottled water company filled a record 20% this week. The Chinese tycoon is worth 76.6 billion dollars, which is more than 22 billion dollars compared to the peak from last week, according to Bloomberg’s index of billionaires.
Ambani has spent most of the past two years leading the ranks of the richest people in Asia, taking over Jack Ma from Alibaba Group Holding Ltd. Then he put the list of two companies of Zhong on the map: He retrieved the title from Ambani at the end of December and by the beginning of 2021 he was the sixth richest person on Earth, surpassing Warren Buffett. Zhong’s Nongfu Spring Co. more than tripled from an initial public offering to a peak in January when investors rushed to consumer stocks, while its vaccine maker, Beijing Vantai Biological Pharmacy Enterprise Co., rose as much as 3,757%.
But the rally faded because the Hong Kong and Chinese stock exchanges were among the world’s largest bankers this week. Shares of Nongfu erased gains in a year, while Vantai’s recorded a record monthly decline.
Ambani focused on turning his empire towards technology and e-commerce, moving away from energy. Last year, it sold shares in Reliance’s digital and retail units worth $ 27 billion to investors, including Google and Facebook Inc., raising its fortune by $ 18 billion. The Spinoff announced this week’s oil and chemicals unit – which accounted for more than 60% of the conglomerate’s revenue in the last fiscal year – will help the tycoon bring in more investors and accelerate the proposed sale of shares in Saudi Arabia Oil Co.
Zhong and Ambani aren’t the only two title swaps lately. Elon Musk of Tesla Inc. became the richest person in the world in early January before Amazon.com Inc. Jeff Bezos won first place again earlier this month as shares of electronic car makers fell. Musk lost $ 15 billion on Monday alone after tweeting that cryptocurrency prices seemed high – just two weeks after Tesla said it had invested $ 1.5 billion in Bitcoin.
(Except for the title, this story was not edited by NDTV staff and is published from a syndicated feed.)