Celebrity NewsLatest News

Mukesh Ambani is no longer Asia’s richest person

According to the Bloomberg, the world's 500 richest people lost collectively $238.5bn on Monday, the biggest fall since they were tracked in October 2016.

Views

Indian business tycoon Mukesh Ambani is no longer Asia’s richest person, the latest collapse across overall markets has wiped almost $6 billion off his fortune, Bloomberg Billionaires Index reported.

According to Bloomberg, the world’s 500 richest people lost collectively $238.5bn on Monday, the biggest fall since they were tracked in October 2016.

Equity and oil markets suffered a major blow that has been dubbed Black Monday as growing doubts about the economic impact of coronavirus were compounded by Saudi Arabia’s decision to cut crude prices resulting in a row with Russia over production cuts.

Since the 1991 Gulf War, crude prices have fallen in their worst drop.

The sale of shares erased $5.8bn from 62-year-old Ambani’s net worth to leave him with a net worth of about $41.8bn.

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

The crash in oil prices raises questions about plans by Ambani’s Reliance conglomerate to cut debt as they join on selling a stake in its oil and petrochemicals unit to Saudi Aramco, Bloomberg reported.

Ambani’s fortune expanded after India’s telecoms boom. He lived with his family in a 27-story luxury Mumbai skyscraper that cost more than $1bn to build.

According to Bloomberg, Amazon founder and world’s richest man Jeff Bezos $5.6bn and Berkshire Hathaway’s Warren Buffett $5.3bn have also lost their fortunes on global markets on Monday.

However, they still have fortunes of $111.8bn and $76.4bn respectively.

Chairman of luxury-goods giant LVMH, Bernard Arnault has become Europe’s biggest decliner with a $4.4bn drop in his net worth to $81.4bn, Bloomberg reported.

the authorSamra Mazhar