A Good Year! Asia's Richest Man Mukesh Ambani's Wealth Gets A Bump Of $ 17 Billion In 2019

Mukesh Ambani, Asia's richest tycoon's stars were shining extra bright in 2019.

In just a year, he added $ 17 billion dollars to his already flourishing fortune, a feat that will remain a dream for many of us. Reports state that the addition of $ 17 billion has now taken his net worth to about $61 billion.

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In comparison, Alibaba Group founder Jack Ma's net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion.

Ambani's fortune this year was fuelled by a 40 per cent jump in the shares of his Reliance Industries Ltd., a conglomerate that's pivoting more toward consumer offerings than its core oil refining and petrochemicals businesses.

Investors are piling money on Reliance, betting newer businesses such as telecommunications and retail could soon unlock value, reports Business Standard.

'Chakri Lokapriya, chief investment officer at TCG Asset Management "Mukesh Ambani changed the narrative for Reliance Industries. He successfully identified, invested and executed rapidly to create this new narrative. We believe this can potentially double shareholder value over the next four years."

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"He successfully identified, invested and executed rapidly to create this new narrative," Lokapriya said. ¡°We believe this can potentially double shareholder value over the next four years."

Mukesh Ambani has also planned to make Reliance Industries Ltd. a zero net-debt company by March 2021.

Plans include a stake sale in Reliance's oil-to-chemicals business to Saudi Arabian Oil Co., listings of the telecommunications and retail units within five years, sale of tower assets and strategic partners for a digital platform linked to Reliance Jio Infocomm Ltd., the phone company.