Mukesh Ambani Dethrones Alibaba's Jack Ma, Becomes Asia's Richest Person With Net Worth Of $44.3 Billion
Billionaire Mukesh Ambani has overtaken Alibaba Group founder Jack Ma to become Asias richest person. Ambani was estimated to be worth $443 billion on Friday with Reliance Industries rising 16 per cent to a record Rs 10998 Jack Ma&rsquos wealth stood at $44 billion at the close of trade on Thursday in the US.
Billionaire Mukesh Ambani has overtaken Alibaba Group founder Jack Ma to become Asia's richest person as he positions Reliance Industries Limited (RIL) to disrupt the e-commerce space in India.
According to a report by Bloomberg, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries rising 1.6 per cent to a record Rs 1,099.8. Jack Ma¡¯s wealth stood at $44 billion at the close of trade on Thursday in the US, where the company is listed.
Reliance has doubled its petrochemical capacity and is also reaping profits from its newest company Reliance Jio, adding another $4 billion to Ambani¡¯s fortune.
¡°We need to broaden our horizon of expectation with Reliance¡±, Mumbai-based analyst Nitin Tiwari told Bloomberg.
Ambani is known for executing large-scale projects. He led the construction of the world¡¯s largest refining complex in Jamnagar, Gujarat, owns the most-widespread mobile data network globally and claims to have India¡¯s biggest as well as most profitable retail firm.
