Mukesh Ambani Becomes Asia's Richest Person With $88.8 Billion Net Worth As Reliance Shares Surge 12%
· Free Press Journal
Reliance Industries Chairman Mukesh Ambani has overtaken ByteDance co-founder Zhang Yiming to become Asia's richest person, according to Forbes' Real-Time Billionaires list on Tuesday.
Ambani's estimated wealth increased 10.5% to $88.8 billion, placing him 22nd globally. Yiming ranked 25th with $84 billion, while Adani Group Chairman Gautam Adani occupied the 26th position with $80.1 billion.
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The increase followed a nearly 12% surge in Reliance Industries shares on Monday, which added more than $19 billion to the company's market capitalisation.
'A Promise, Not A Finish Line': Isha Ambani's Tribute Leaves Mukesh Ambani Emotional At Jio listingReliance reported its strongest quarterly financial performance for July-September, supported by growth across oil-to-chemicals (O2C), digital services and retail.
Consolidated revenue rose 28% year-on-year to Rs3.62 lakh crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 24% to Rs62,409 crore.
Net profit climbed 34% to a record Rs29,550 crore.
The O2C segment delivered revenue growth of 44.2% to Rs2.32 lakh crore, while EBITDA surged 67.9% to Rs25,203 crore.
Transportation fuel cracks, an indicator of refining margins, increased between three and 3.7 times compared with the previous year.
Following the results, Avendus Spark upgraded Reliance shares from 'Reduce' to 'Add'.
Bloomberg reported that the company had no 'Hold' or 'Sell' analyst recommendations for the first time since 2017.
Reliance's rally followed the stock market debut of Jio Platforms, which reportedly gained 27% on its Oct 28 listing on the National Stock Exchange.
The initial public offering raised $3.2 billion, valuing the digital services company at approximately $106 billion.
Reliance retained around 66% ownership in Jio Platforms, which served more than 533 million mobile subscribers as of June.
Founded by Dhirubhai Ambani in 1957, Reliance had a market capitalisation exceeding Rs17.54 lakh crore.
The conglomerate ranked 55th on Forbes' 2026 Global 2000 list, reporting sales of $119.7 billion, assets of $229.6 billion and profits of $9.1 billion.