Chennai: India’s very own Mukesh Ambani has been dethroned as Asia’s richest person.
According to Bloomberg Billionaires Index, the Reliance Industries (RIL) Chairman and Managing Director is replaced 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,
Popularly known as ‘Lone Wolf’, Zhong, 66, has worked as a construction worker, a newspaper reporter, drugmaker and beverage sales agent before starting his own business. Hangzhou-born Zhong dropped out of primary school during the chaos of the Great Proletarian Cultural Revolution in China.
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. Nongfu shares have soared 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, on the other hand, who earlier this year rose to the fourth spot on the Bloomberg Billionaire Index, is 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 the oil-to-telecom conglomerate owner’s net worth is due to the correction in RIL stocks, which have dropped nearly 16 per cent from its all-time high of Rs 2,369.35 touched after the announcement of its deal to buy retail and wholesale assets of Kishore Biyani-controlled Future group.