The Hush Post | 8:35 pm | One-minute read |
Industrialist Mukesh Ambani is no longer the richest man in Asia. The Reliance Industries chairman has lost his title to Alibaba’s Jack Ma. Ambani lost rank as steep fall in oil prices and global stocks reduced his net worth by $5.8 billion or 44,000 crore rupees.
Ma had ceded the number one spot to Ambani in 2018, but now has a net worth of $44.5 billion, $2.6 billion more than Ambani.
Bloomberg Billionaire’s Index has placed Ma at the 18th spot in world rankings. With a net worth of $41.8 billion Ambani ranked 19th on the list.
Amazon founder Jeff Bezos, Microsoft’s Bill Gates and chairman of luxury goods giant LVMH Bernard Arnault were the top three. Facebook CEO Mark Zuckerberg ranked fifth on the list.
Notably, oil prices hit their lowest since 1991 on Monday. The drastic drop comes in the wake of coronovirus outbreak which has resulted in first decline in demand in more than a decade.
Mukesh Ambani’s Reliance Industries’s shares fell by almost 14%, the biggest single-day decline for stock in 10 years. Shareholders of the company lost over Rs 1.08 lakh crore in one day.