Reliance Industries Chairman Mukesh Ambani climbed the top of Bloomberg Billionaires Index on Friday with his $44.3 billion, which surpasses Ma’s $44-billion.
Ambani’s wealth reportedly grew by $4 billion after shares of his company recently increased by 1.8 % to a record-high of Rs 1,106 ($6.16), Bloomberg reports.
Reliance also became the second company, after TCS, to enter the $100-billion valuation club on the Bombay Stock Exchange.
While Alibaba remains Asia’s most valuable firm with a market cap of nearly $487 billion, its shares have dropped by over 10% on the New York Stock Exchange in a month, causing Ma to lose almost $1.4 billion this year.
Reliance’s recent surge was reportedly brought about by its growing telecom and media brand Jio, which has generated some favorable market sentiment.
Last week, the 61-year-old billionaire announced plans to integrate Reliance’s consumer businesses with telecom and media shortly after offering free phone calls and cheap data via Jio.