Mukesh Ambani Asia's richest again after China's Zhong Shanshan loses $22 billion in net worth
Mumbai/IBNS: Mukesh Ambani is once again Asia's richest man after China's Zhong Shanshan's networth fell more than $22 billion, reported Bloomberg.
According to the report, Ambani's Reliance Industries Ltd remained relatively unaffected even as it announced that its oil-to-chemical business will be spinned off as a separate unit amid a brutal week for the markets.
After Zhong Shanshan's bottled water company lost a record 20% this week, his net worth slipped to $76.6 billion, down more than $22 billion from a peak just last week, according to the Bloomberg Billionaires Index, said the report cited above.
Ambani's net worth now is nearly $80 billion. He had taken over from Alibaba Group Holding Ltd.'s Jack Ma. Following the listing of Zhong's two companies, he replaced Ambani at the end of December and by early 2021 he became the sixth wealthiest person in the world, surpassing Warren Buffet.
Zhong's two companies--Nongfu Spring Co. more than tripled from its initial public offer reaching its peak in January while his Beijing Wantai Biological Pharmacy Enterprise Co., jumped as much as 3,757%, the Bloomberg report stated.
The rise of the two companies came to a grinding halt as the Hong Kong and Chinese stock markets witnessed the biggest decline. With the plunge, Nongfu shares lost the gains made for the year, while Wantai's suffered the biggest monthly loss ever.