Ali Baba Founder Jack Ma becomes the richest man in Asia grabbing the title from India’s top industrialist Mukesh Ambani after oil prices collapsed.
Bloomberg Billionaires Index reported that Slash in oil prices erased $5.8 billion from Mr Ambani’s net worth.
It pushed him to number two in the list of Asia’s richest people, Jack Ma who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.
Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share.
The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade.
While the deadly coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage mitigated by increased demand for its cloud computing services and mobile apps.
Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history.
But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.
Addressing concerns over the liabilities, Indian energy tycoon Mukesh Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March.