Jack Ma becomes Asia's richest person, Mukesh Ambani loses crown

Mukesh Ambani lost USD 5.8 billion in net worth due to the crash of share prices. The founder of Alibaba, Jack Ma, has become Asia’s richest man.

Created On: Mar 11, 2020 09:58 IST
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File Photo

Mukesh Ambani, an Indian industrialist and chairman of Reliance Industries Limited (RIL), is no longer Asia's richest man. Now, Jack Ma has become the richest man of Asia as RIL’s share prices crashed at the stock market due to the Coronavirus epidemic and fall of oil prices.

Mukesh Ambani lost USD 5.8 billion in net worth due to the crash of share prices. The founder of Alibaba has become Asia’s richest man with a net worth of USD 44.5 billion. However, Mukesh Ambani is the richest man of India with a net worth of USD 41.8 billion.

Mukesh Ambani vs Jack Ma

Jack Ma of Alibaba topped the list of Asia's richest man with a fortune of USD 44.5 billion (Rs 3.11 lakh crore), which is USD 2.6 billion (Rs 18,200 crore) more than Mukesh Ambani's wealth. According to the Bloomberg Billionaires Index, Chinese industrialist Jack Ma has become Asia's richest man with assets of USD 44.5 billion, while India's Mukesh Ambani secured second place in the list.

Reason

The fall of oil prices in the global market has affected the net worth of Mukesh Ambani, the owner of Reliance Industries Limited. Mukesh Ambani's company has to face a big impact of the plunge in the share market. His company Reliance Industries has suffered the biggest loss of 12 years in the stock market. The RIL’s share prices fell nearly 13% and it had fallen to a seven-month low. Reliance Industries market cap has also crashed from Rs 10 lakh crore to Rs 7 lakh crore.

Jack Ma as Asia’s Richest Man

Mukesh Ambani's wealth decline has benefited Jack Ma, founder of Alibaba Group Holding Limited. Now, he has become Asia's richest industrialist. Jack Ma has a net worth of USD 44.5 billion that makes him Asia's richest man. On the other hand, Mukesh Ambani has lost the tag of Asia’s richest man. Now, Mukesh Ambani has become the richest man of India.

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