The Chairman and Managing Director of Reliance Industries Limited Mukesh Ambani is no longer Asia’s Richest Person.
In 2020, The 64 year old who was the richest man of Asia is now stepped down to the second position.
The net worth of RIL is $76.9 billion (around 5.63 lakh crores,) down from almost $90 billion (approximately Rs 5.52 lakh crores) from the previous year. The businessman Zhong Shanshan is the richest man of Asia, with a net worth of $77.80 billions.
Sixty six year old Zhong Shanshan owns a majority stake in Beijing Wantai Biological Pharmacy. His company Nongfu Wantai’s fortune spiked when the company went public on the Shanghai Stock Exchange in April 2020.
He increased his net worth by $20 billions since April 2020, making him Asia’s richest man and 11th richest person in the world.
The vaccine company had earlier teamed up with two universities to develop a vaccine against the Novel Coronavirus or COVID-19.
The reason behind the shocking fall of Mukesh Ambani is said to be the correction in RIL stocks which dropped nearly 16 % in value.
Mukesh Ambani not only dropped from India’s richest man, but also fell to 12th position from previous 10th position for World richest man index.