Mukesh Ambani no longer Asia’s richest person; dethroned by Chinese bottled water firm owner

Reliance Industries (RIL) chairman and managing director Mukesh Ambani is no longer Asia’s richest person, getting dethroned by Zhong Shanshan, vaccine magnate and founder of China’s largest bottled water company Nongfu Spring.

Zhong’s net worth has soared $70.9 billion this year to $77.8 billion, making him the 11th richest person in the world, according to the Bloomberg Billionaires Index.

Popularly known as ‘Lone Wolf’, Hangzhou-born Zhong (66) dropped out of primary school during the chaos of the Great Proletarian Cultural Revolution in China. He has worked as a construction worker, a newspaper reporter, drugmaker and beverage sales agent before starting his own business, as per a TOI report.

In April 2020, Zhong-controlled Beijing Wantai Biological Pharmacy went public on the Shanghai Stock Exchange. His controlling stake in the company saw his overall fortunes surge as much as $20 billion by August.

Further, Nongfu Spring shares became an instant hit in September this year when they were listed on the Hong Kong stock exchange, soaring around 155 per cent since their debut. Nongfu Spring's red-capped bottles are sold across China from small shops to high-end hotels. The company also sells teas, juices and flavoured vitamin drinks.

Ambani (63) who earlier this year rose to the fourth spot on the Bloomberg Billionaire Index, has been pushed to the 12th slot. His current net worth is $76.9 billion (around Rs 5.63 lakh crore), down from nearly $90 billion (around Rs 6.62 lakh crore) earlier this year. The fall in his net worth is due to a correction in RIL stocks, which have dropped nearly 16 per cent from its all-time high of Rs 2,369.35. On Wednesday, shares of RIL closed at Rs 1,995.50.

RIL has created a wealth of Rs 6.3 lakh crore between 1995-2020, as per Motilal Oswal’s annual wealth creation study. In the past 25 years (from March 1995-2020), RIL has posted a cumulative net profit of Rs 3.78 lakh crore.