When we talk about the richest people in the world, names like Warren Buffett, Jeff Bezoz, Bill Gates come to mind. In Asia, the first name which pops in our mind is Mukesh Ambani- the CEO of Reliance Industries. While Ambani had the tag of richest Asian till now, the same has now been taken away from him. Mukesh Ambani is no longer the richest Asian. The Richest Asian is now Alibaba’s founder Jack Ma.
Mukesh Ambani, the CEO of Reliance Industries who had the crown of the richest Asian man, has lost the crown to Jack Ma after the recent market crash. Billionaires across the world lost a lot of money after the fall of global markets due to the outbreak of Coronavirus.
The Losers due to The Virus
The richest man in the world, the Amazon founder Jeff Bezos lost $ 1.34 billion. Bill Gates, the founder of tech company Microsoft, lost $ 1.21 billion. The net worth of the richest Asian Man, and the chairman of Reliance industries, took a hit which resulted in a decline of a whopping $ 5.8 billion. As a result, Mukesh Ambani lost the crown of the Richest Asian man to Alibaba’s Jack Ma whose wealth slide by $ 1 billion.
The market crash impacted almost everyone including Berkshire Hathaway’s Warren Buffet, Facebook founder Mark Zuckerburg and Tencent’s Pony Ma.
The global markets have plummeted in March due to the Covid-19 outbreak. The Nasdaq composite dropped by 1.87 per cent. The Indian Sensex was down by 4.46 per cent followed by Nifty 50, which was down by 4.26 per cent. The shares of Mukesh Ambani’s Reliance Industries Limited (RIL) were down by over 9 per cent.
The global markets had a drastic fall. Japan’s Nekkei fell 5.07 per cent, Hong Kong’s Hang Seng fell 3.55 per cent and Shanghai dropped 2.76 per cent. On the Wall street too the Dow Jones Industrial Average fell 0.98 per cent followed by the S & P which sank 1.71 per cent. The biggest shellacking in percentage terms was faced by the energy moguls. The richest 500 people across the globe lost a total of over $ 250 billion which is probably amongst the biggest hit in the recent times.
The Gainers in the Falling Economy
However, beside all the slowdown, there were a few who added considerable amounts to their net worth. China’s Qin Yinglin added $ 536 billion to his net worth as a result of the rise in the prices of his Muyuan Foodstuff Company. Another Chinese business tycoon, Li Xiting, the chairman of Shenzen Mindray Bio-Medical Electronics, which is a leading manufacturer of Chinese medical equipment added up $ 143 million, bringing his net worth to $13.7 billion.
The coronavirus has been affecting the world both physically as well as financially. The global economy has sunk over $ 1 trillion after the outbreak of the Covid-19 virus. It is very important to control the virus from further spreading to prevent any further losses.
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