Asia's richest person is someone new thanks to oil and stocks crash
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.
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?
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.
View this post on Instagram
Alibaba founder Jack Ma is Asia's richest person again with a $44.5 billion fortune. That's after former reigning billionaire Mukesh Ambani saw $5.8 billion erased from his net worth in Monday's oil and stocks collapse. He dropped to second place on the Asian rankings of the Bloomberg Billionaire's Index, just $2.6 billion behind Ma. While the coronavirus has hurt some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. Click in the link in bio to read more.
A post shared by Bloomberg Business (@bloombergbusiness) on