Alibaba’s Jack Ma dethrones Mukesh Ambani as Asia’s richest man

Mukesh Ambani’s title of Asia’s richest man is now taken over by Alibaba’s Jack Ma. Mukesh’s net worth is now reduced by $5.8 billion. This reduction in net worth is attributed to a fall in oil prices, global stocks on Monday.

According to a Bloomberg report, Reliance Industries Chairman lost the title of “Asia’s richest man’ to Jack Ma who now has a net worth of 44.5 billion, $2.6 more than Ambani.

Oil prices are the lowest since 1991 on Monday. This price fall, drastic in many ways is mostly because of a reduction in demand in more than a decade. For Reliance Industries, the Coronavirus outbreak is a major reason for the biggest single-day decline for stock in 10 years as global crude oil prices crashed. Shareholders of Reliance industries lost huge money too in a single day.

Alibaba is also affected by Coronavirus outbreak but the damage was reduced by an increase in demand for its technology services. The demand for cloud computing, mobile apps helped the company in a long way as the company’s shares fell by 3.41% on Monday.

Jeff Bezos, the world’s richest man, and Bill Gates also lost more than $5 billion as the Dow Jones average fell by more than 7.5%.

Written by Hisham Sarwar

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