China's Zhong Shanshan Ousts India's Mukesh Ambani to Become the Richest Person in Asia With a Net Worth of $77.8 Billion

Team Latestly
·2-min read

New Delhi, December 31: Zhong Shanshan, a Chinese billionaire, has ousted Indian business tycoon Mukesh Ambani to become the richest person in Asia. Shanshan's current net worth stands at $77.8 Billion. He is also the 11th richest man in the world as per the Bloomberg Billionaire Index. The 66 year-old business is popularly referred as the 'Lone Wolf,' owing to his negligible association with any other business families or political leaders.

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During the year Shanshan took two of his enterprises to public, including a bottled water business and a pharmaceutical company. Beijing Wantai Biological Pharmacy Enterprise was made public in April. Amid the COVID-19 outbreak and the race of vaccine development, Wantai's shares went up by more than 2,000 per cent in just ten months. Mukesh Ambani Back on Top as Asia's Richest Man After Facebook-Reliance Jio Deal, Pushes Jack Ma on Second Spot.

His bottled water company, Nongfu Spring Co was also listed publicly this year. It became one of Hong Kong's hottest listings. Nongfu shares have jumped 155 per cent since their debut in the stock market. Nongfu's stock hit a peak this week after Citigroup Inc. analysts said the company has solidified its market dominance and enjoys ample cash flow. BioNTech Co-Founder Ugur Sahin Enters Bloomberg Billionaire Index With $5.1 Billion Net Worth, Ranks at 493 in the World's Richest Persons List.

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Meanwhile, Reliance Industries supremo, Mukesh Ambani stands second in the Asia's richest man index with a net wroth of $76 Billion. Chinese Jack Ma, Asia's richest person before Ambani took over this year, is now worth $51.2 billion, down from a high of $61.7 billion in October.