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Mukesh Ambani back on top as Asia’s richest man

Rajesh Kurup Mumbai | Updated on April 27, 2020 Published on April 27, 2020

Following the ₹43,574-crore Facebook-Jio Platforms deal, billionaire Mukesh Ambani has clawed back his position as Asia’s richest man, a position he lost to Chinese technology giant Alibaba founder Jack Ma in March.

In January this year, Mukesh Ambani’s net worth stood at $67 billion, making him the richest Asian, while that of Jack Ma stood at $45 billion, according to data compiled by Hurun Report. This was based on a conversion rate of ₹71 to a dollar.

 

However, two months into the Covid-19 outbreak and the subsequent oil price crash, Ambani’s net worth fell to $39 billion, while that of Jack Ma stood at $47 billion.

Following the Facebook-Jio Platforms deal, the equation changed again, and Ambani’s net worth rose to $60 billion as the markets cheered the deal. Jack Ma’s net worth at the time of the Facebook deal was at $43 billion, which helped Ambani regain his position as Asia’s richest person.

Post-Covid value

“The current valuations of RIL do not entirely take into account the intrinsic value of the oil refinery business, which could have been impacted due to lacklustre demand for crude due to the lockdown. When the economic activity is restored to the current levels, all the arrows from RIL’s quiver would be at their best form,” Anas Rahman Junaid, Managing Director and Chief Researcher at Hurun India, told BusinessLine.

“This includes the O2O retail, payments, multimedia and telecom on the Jio platform, the offline retail business and the oil refinery, which could possibly witness the Aramco investment by then,” he added.

According to the Hurun Report, which compiles the rich list of many countries, Mukesh Ambani was the first Indian to break into its global top 10 rich list.

In December 2019, Rupert Hoogewerf, founder and Chairman of Hurun Report, told BusinessLine that Ambani was expected to emerge as one of the five richest people in the world in the next two or three years. This would be riding the digital wave, his investments in telecom, and retail and all the things he is building around it.

ALSO READ: Hurun’s list: Mukesh Ambani may soon break into top 5

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Published on April 27, 2020
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