Mukesh Ambani Overtakes China's Hui Ka Yan of China To Become The Richest Person In Asia

Mukesh Ambani, the Chairman of Reliance Industries overtook Hui Ka Yan of China on November 1, 2017, to become the richest person in Asia with a total wealth of $42.1 billion. As per Forbes’ real-time billionaire’s list, the personal wealth of Mukesh Ambani rose by $466 million owing to 1.22 percent plunge in the shares of Reliance Industries to Rs 952.30.

Reliance Chairman Mukesh Ambani Leads Forbes List Of Global Game Changers

Whereas, the wealth of Hui Ka Yan, the Chairman of China Evergrande Group slumped by $1.28 billion to $40.6 billion on November 1. Mukesh Ambani stood at the 14th spot on Forbes’ real-time billionaire’s list globally. His rank is evaluated on the basis of the value of his stock holding and assets on a real-time basis.

The personal wealth of Mukesh Ambani has plunged in the year 2017, as the shares of Reliance Industries have hiked by 75 percent year-to-date. The steady growth in the petrochemical revenues and gross refining margins have contributed to the billion dollar profit to the Reliance Industries in the September quarter.

Consolidated net profit of the company showed a steady increase of 12.48 percent year-on-year (YoY) to Rs 8,109 crore for the September 30, 2017, quarter.