Alibaba founder and billionaire, Jack Ma. Photo: AP
Alibaba founder and billionaire, Jack Ma. Photo: AP

Asia's richest person is someone new thanks to oil and stocks crash

By Staff Reporter Time of article published Mar 11, 2020

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The richest person in Asia is once again Jack Ma. The Alibaba founder is Asia's richest person again. His net worth is estimated to be $45.7 billion, according to Bloomberg.

What caused the massive change? The answer is Monday's oil collapse. Last week, the richest person in Asia was oil magnate Mukesh Ambani.


The former reigning billionaire saw $5.8 billion erased from his net worth after Monday's oil and stocks collapse. 

According to media reports, shares of Ambani's Reliance Industries fell 12% on Monday and over the last year, the shares have dropped by 26%.

Ambani's net worth is now estimated to be $42.3 billion.

It should be noted that it is true the coronavirus has hurt some of Alibaba’s businesses, but the company was able to mitigate major damage.

This was due to a major increase in demand for Alibaba's cloud computing services and mobile apps.

WHO ELSE LOST BILLIONS?

Only a few of the world’s billionaires did well after Monday’s collapse. 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.

Jeff Bezos and Bill Gates lost more than $5 billion each in the rout.

Bezos is still the richest person in the world with an estimated net worth of $117 billion. 

Gates is estimated to be worth $107 billion.

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.


PERSONAL FINANCE/BLOOMBERG

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