The new shocker to Asia’s richest list sees Mukesh Ambani’s title renounced by Zhong Shanshan of China. Zhong, 66, popularly known as the ‘Lone Wolf’ has been linked to various smaller jobs before breaking out in the business scene as the founder of Nonfgu Springs, the largest bottled water company in China.
Before the pandemic, Ambani’s Reliance group had taken a major hit as its market shares stooped down from an all-time high of Rs 2369.35 to Rs 1995.50 as as on 31st December 2019.
Mukhesh Ambani’s net worth has now fallen down from $90 billion to $76.9 million. Zhong Shanshan, on the other hand, has experienced steady growth in his net worth from $70.9 billion to $77.8 billion. This downfall of Ambani and Reliance groups are darted towards one major reason – Cancellation of the contract between Reliance Group and Future Group. Capitalizing on this tension, Amazon, which had previously invested in Future Coupons, saw a rapid rise in their acquired investments brand value.
As of now, Mukesh Ambani is still the richest person in India. And as, the lockdown strictness is wearing off and the work-force is relocating back to industries these stats may witness another drastic change.