Chinese billionaire Jack Ma is now unfortunately only the second richest man in all of Asia.
He has been superseded by the chairman of refining-to-telecoms conglomerate Reliance Industries Ltd’s Mukesh Ambani.
Ambani was estimated to be worth S$60.5 billion ($44.3 billion), while Ma’s worth stands at S$60 billion, the Bloomberg Billionaires Index reported.
His growth was attributed to his company Reliance Industries Ltd’s share price growing 1.6% to a record 1,099.8 rupees.
Ambani added billions of dollars to his already considerable wealth when Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom company Reliance Jio Infocomm Ltd.
He is well known for executing large-scale projects and Ambani spearheaded construction of the world’s largest refining complex in Jamnagar, India.
Ambani also owns the most-widespread mobile data network globally and claims to behind India’s biggest as well as most-profitable retail firm.
The 61-year-old inherited Reliance from his father Dhirubhai Ambani, who is credited with sparking an equity culture among middle-class Indians and building the group’s textile and petrochemical manufacturing units.
Dhirubhai, who passed away in 2002, left the group in the hands of Mukesh and his younger brother Anil Ambani. The brothers eventually split the company in 2005, as per a family pact brokered by their mother, after years of acrimony.
For Ma, he stands to lose more than just the top spot in Asia financially, with his wealth already declining by almost S$2 billion this year.