Mukesh Ambani topples Jack Ma to become Asia’s richest person

Mukesh Ambani has been unveiled as the richest man in Asia with an estimated fortune of $44.3 billion, overtooking Alibaba Group founder Jack Ma to become Asia’s richest person as he positions Reliance Industries Ltd. to disrupt the e-commerce space in India.

The chairman of India’s refining-to-telecoms conglomerate, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd. rising 1.6 percent to a record 1,099.8 rupees, according to Bloomberg Billionaires Index. Ma’s wealth stood at $44 billion at close of trade on Thursday in the U.S., where the company is listed.

The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year. The company announced an aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained nearly 14 per cent since July 5.

Alibaba head Ma on the other hand has lost $1.4 billion in 2018.