Richest person in Asia: Mukesh Ambani vs Zhang Yinmin net worth — Reliance boss overtakes China's ByteDance TikTok head
Mukesh Ambani, Reliance Industries’ chairman and managing director, has reclaimed the title of Asia’s richest person, overtaking ByteDance co-founder Zhang Yiming, according to Forbes.
With a nearly 12% surge in Reliance Industries shares on Monday, Ambani added $ 8.5 billion to his wealth, pushing his estimated net worth to $88.8 billion on the Forbes Real-Time Billionaires list.
This 10.5% jump in his fortune helped Ambani climb to the 23rd spot on the global billionaire index.
Mukesh Ambani edged past China's Yiming, the former CEO of the TikTok parent company, who currently ranks 25th with an estimated net worth of $84 billion.
Reliance Industries added over $19 billion to its market capitalisation on Monday after posting quarterly revenue of $2.7 billion. The figures comfortably surpassed analyst estimates of $2.3 billion.
Following the earnings beat, an analyst at Avendus Spark upgraded the stock from ‘reduce’ to ‘add’. With this upgrade, Reliance Industries currently has zero 'hold' or 'sell' recommendations from analysts for the first time since 2017, according to Bloomberg.
Founded in 1957 by Dhirubhai Ambani, Reliance Industries operates across petrochemicals, oil and gas, telecom, retail, media, and financial services. It maintains its position as India's most valued firm, commanding a market capitalisation of approximately ₹17 trillion ($186 billion).
The bullish momentum in Reliance stock also rides on the coattails of a blockbuster market debut by its digital and telecommunications arm, Jio Platforms. The subsidiary saw its shares soar 27% during its listing on the National Stock Exchange (NSE) in late October.
Jio Platforms' initial public offering (IPO) marked the largest in India’s history, raising $3.2 billion at a valuation of approximately $106 billion. Reliance retains a roughly 66% stake in the telecom behemoth, which went public on October 28 and boasted over 533 million subscribers as of June.
Last month, Jio Financial Services reported a 51% year-on-year decline in consolidated net profit to ₹340.44 crore for the September quarter of FY27, compared with ₹695 crore in the corresponding period last year, as a sharp increase in expenses weighed on earnings.
Despite a decline in profit, the company's total income surged nearly 70% to ₹1,699.41 crore during the July-September quarter, up from ₹1,002.40 crore a year earlier, according to its regulatory filing.
Interest income rose significantly to ₹1,257.68 crore from ₹392.37 crore in the year-ago quarter.
However, total expenses also climbed sharply to ₹1,166 crore during the quarter, compared with ₹436.50 crore in the corresponding period of the previous fiscal year.
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