Mukesh Ambani Is No Longer The Richest Man In Asia

2020 doesn’t end well for Mukesh Ambani, the chairman and managing director of Reliance Industries Limited. The Indian CEO is out of the world’s top 10 billionaires and no longer the richest man in Asia.

The billionaire who was ranked fourth on the Bloomberg Billionaires Index is now at the 12th spot. At the moment, the net worth of Mukesh Ambani is $76.9 billion, a decrease from nearly $90 billion.

One of the reasons contributing to this drop is the correction in RIL stocks, dropping almost 16% in value, from Rs 2,369, an all-time high. The spike occurred when Reliance announced its deal with Kishore Biyani’s Future Group to acquire retail and wholesale assets.

The person who has become the richest Asian, replacing Ambani, is Zhong Shanshan. He is the founder of Nongfu Spring, China's largest bottled water company. His position on the Bloomberg Billionaires Index is the 11th.

The nickname of the 66-year-old billionaire is “Lone Wolf” Zhong. He has a majority stake in the Beijing Wantai Biological Pharmacy. In April last year, after the company being listed on the Shanghai Stock Exchange, his assets spiked. By August, his fortunes reached as much as $20 billion. The vaccine company had worked with two universities to research and develop a COVID-19 vaccine.

Moreover, the shares of Nongfu Spring, his primary company experienced a massive surge (155%) after going public on the Hong Kong stock exchange.

Citigroup analysts state that Nongfu has successfully strengthened its dominance in the market, enjoying an ample cash flow.

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