Mukesh Ambani Becomes Asia’s Richest Man After Stock Surge
Mukesh Ambani is Asia’s richest person with a total wealth of US$42.1 billion (FJ $87.4 billion), a report on Wednesday claimed.
With this, China’s Hui Ka Yan, who until now held the first position was pushed to the second position, the report stated.
A report by The Economic Times stated that according to Forbes’ real time list of billionaires, Ambani’s personal wealth rose by US$466 million (FJD $967.6 million).
This was primarily because of a 1.22 per cent rise in shares of Reliance Industries to Rs 952.30 (FJ $30.63) Don Wednesday, ET reported.
At a global level, Ambani stands at the 14th spot on the Forbes’ list.
This list is reportedly based on the value pf person’s stock holding and assets on a real time basis.
Hui Ka Yan made the descent as his Evergrande Group’s wealth on Wednesday slumped by US$1.28 billion (FJ$2.6billion) to US$40.6 billion (FJ$84 billion).
In 2017, Ambani saw major jump in his personal wealth owing to the jump in shares of Reliance Industries by over 75 per cent year-to-date.
The consolidated net profit of the firm increased 12.48 per cent year-on-year for the quarter ending September 30, 2017 against the corresponding quarter in 2016. Noteworthy that RIL also became the first Indian company to hit the market capitalisation of Rs. 6 lakh crore (FJ$0.19 billion)