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Thanks to Black Monday, Jack Ma pips Mukesh Ambani to be Asia's richest man

AFP
Published Mar 10, 2020, 3:27 pm IST
Updated Mar 10, 2020, 3:27 pm IST
Market rout costs Ambani the crown of Asia's richest
Mukesh Ambani (AFP)
 Mukesh Ambani (AFP)

New Delhi: India's Mukesh Ambani has lost his crown as Asia's richest person after the latest rout across global markets wiped almost $6 billion off his fortune.

All told, the world's 500 richest people lost $238.5 billion on monday.

 

Equity and oil markets went into meltdown on what has been dubbed Black Monday as growing fears about the economic impact of COVID-19 were compounded by Saudi Arabia's decision to slash crude prices following a row with Russia over production cuts.

Crude prices tanked by a third in their worst drop since the 1991 Gulf War.The sell-off erased $5.8 billion from 62-year-old Ambani's net worth to leave him with a net worth of about $41.8 billion.

Ambani was overtaken by Chinese tycoon Jack Ma, the founder of Alibaba whose fortune had fallen about $1.1 billion to $44.5 billion. Ma, 55, had ceded the number-one ranking in mid-2018.

 

The slump in oil prices raises questions about plans by Ambani's Reliance conglomerate to cut debt as they hinge on selling a stake in its oil and petrochemicals unit to Saudi Aramco.

Ambani, whose fortune ballooned on the back of India's telecoms boom, lives with his family in a 27-storey luxury Mumbai skyscraper reputed to have cost more than $1 billion to build.

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Location: India, Delhi, New Delhi




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