Recent data reveals that Indian and Chinese billionaires are at the forefront of wealth accumulation in Asia from January to September. According to the Bloomberg Billionaires Index, Indian individuals occupy five spots on the list, while three are held by Chinese billionaires.
Mukesh Ambani Tops the List
Mukesh Ambani, the oil tycoon and Chairman of Reliance Industries, has recorded the highest wealth increase, adding $19.4 billion to his fortune in the first nine months of the year. This surge has brought his total net worth to $116 billion, making him the richest person in Asia and the 12th richest in the world. Ambani’s wealth has been bolstered by a 13% rise in Reliance’s share prices, which recently surged after the company announced it would consider issuing bonus shares for the first time in seven years. After his family divided the Reliance Group founded by his father, Ambani took the helm of the core oil refining and petrochemicals business in 2005 and has since diversified into consumer-focused industries and green energy initiatives.
Gautam Adani’s Significant Gains
Another prominent Indian billionaire, Gautam Adani, has experienced a wealth increase of $19.2 billion this year. As the founder of the Adani Group, a major conglomerate involved in port development and coal trading, Adani’s net worth now stands at $104 billion, placing him 15th globally. His shares have risen nearly 9% this year, and the company reported a remarkable 115% increase in net income for the quarter ending June 30, reaching INR14.5 billion (approximately $173 million).
Pony Ma’s Impressive Wealth Growth
Chinese billionaire Pony Ma, co-founder and CEO of tech giant Tencent Holdings, has also seen a significant increase in his wealth, gaining $15.6 billion this year. With a current net worth of $50.3 billion, Ma is the richest person in China and ranks 26th globally. His wealth surged by 45% as Tencent outperformed its rivals, benefiting from a resurgence in the gaming sector, which is prominent in China, the world’s largest mobile market. According to Hao Gao, director of the Research Center for Global Family Business at Tsinghua University, Ma exemplifies a new generation of Chinese billionaires focused on addressing customers’ psychological needs.
The Rest of the Billionaire Roster
The remaining spots on the list are filled by three additional Indian billionaires and two from China, each gaining between $9 billion and $11 billion in the same period. Notably, two other billionaires from Japan and the Philippines also made the list. Collectively, these ten billionaires accumulated a total of $130 billion in net worth over the nine-month span.
