Tech & Society

Mukesh Ambani Replaces Jack Ma as the Richest Man in Asia

Mukesh Ambani, chairman and managing director of Reliance Industries Limited (RIL) has replaced founder and chairman of Alibaba Group, Jack Ma, as the richest man in Asia. According to the Bloomberg Billionaires Index results on Friday, Ambani’s estimated worth reached USD 44.3 billion when RIL rose by 1.6%. In comparison, Ma’s worth came to USD 44 billion.

By doubling its petrochemicals capacity and disrupting the Indian telecom market with Reliance Jio Infocomm Ltd, Ambani has seen an addition of USD 4 billion to his fortune. Ambani has also announced plans to grow the Reliance e-commerce sector through its 215 million telecom subscribers, which will put Reliance in competition with e-commerce giants like Amazon and Walmart.


Mukesh Ambani promotes ubiquitous access to high-speed Internet in award acceptance speech


There are also plans in August to launch a fiber-based broadband service of Jio in 1,100 cities across India. Ambani has predicted it to be the biggest greenfield fixed-line rollout anywhere in the world.

“Jio is the driver behind the surge in Reliance,” Deven Choksey, managing director at Mumbai-based KR Choksey Shares and Securities Pvt. Ltd. told Bloomberg. “If the company is going to double in profit a few years down the line, the stock price will also double, if not more.”

RIL has also re-entered the hundred-billion-dollar club after a decade in October 2007. RIL’s market valuation surpassed the INR 7 lakh crore mark, a milestone achieved only by one more company, Tata Consultancy Services (TCS) in May this year. Currently, with a market cap of INR 7,60,355.03 crore, TCS is India’s most valued firm. TCS is followed by RIL, HDFC Bank, Hindustan Unilever Limited (HUL), and ITC.

Ambani and his family have 43% control of RIL. Apart from this stake, Ambani’s property comprises dividends, a salary and fees as a director, valuable private investments, and even a gas pipeline.


JioPhone is Number One Globally, Feature Phones Still Rule


To understand the relative value of Ambani’s wealth, Bloomberg has provided a comparison index. With a net worth of USD 41.7 billion, Ambani can buy 560 million barrels of crude oil. His worth is equivalent to 0.215% of the US GDP and 0.785% of the total wealth of the top 500 richest people in the world.

On the other hand, Jack Ma’s Alibaba Group is China’s biggest e-commerce company. With Taobao, an online shopping site, and Tmall, a facilitator of online stores, Alibaba reached a revenue earning of USD 37.8 billion in 2018. Ma, who also enjoys a stake in online payment service Alipay, is the owner of 5.6% of Alibaba, with direct shares through holding companies. 8.8% of Ant Financial also belongs to Ma, which adds up to USD 150 billion.

Navanwita Bora Sachdev

Navanwita is the editor of The Tech Panda who also frequently publishes stories in news outlets such as The Indian Express, Entrepreneur India, and The Business Standard

Recent Posts

Why everything is a subscription now & what it means for your wallet

In the last decade, purchasing and accessing products and services have undergone a radical transformation.…

3 hours ago

Mumbai students win big at robotics championship in Chicago, headed to world finals

In an exceptional achievement, Mumbai-based high school robotics team Sigma 9692 has won the prestigious…

5 hours ago

Indian gaming shifts from audience to creator “given India’s mobile-first gaming capabilities”

The Indian gaming industry is sitting on an industry explosion in the near future as…

1 day ago

Transforming modern business operations: How Microsoft 365’s AI Integration is automating HR workflows & enhancing employee experiences

In today's fast-paced business world, when employee fulfillment and efficiency are crucial, technology has become…

1 day ago

Outbound & inbound: India attracts businesses from UK, China & US while expanding to Middle East

The Tech Panda takes a look at how India has been attracting foreign businesses from…

2 days ago

UPI value & volume surpass records in March

India’s digital payments ecosystem achieved a record high in March, with UPI transactions reaching INR24.77…

2 days ago