Reliance Industries Ltd (RIL) head Mukesh Ambani has dethroned Alibaba Group's Jack Ma as the richest man in the continent.
According to Bloomberg Billionaires Index, Ambani's net worth was assumed to be around USD 44.3 billion on Friday while Jack Ma stood at USD 44 billion. The change occurred due to RIL shares rising 1.6 per cent, according to reports.
During Friday morning trade, the market valuation of RIL crossed the7 lakh crore mark. The addition of USD 4 billion to the wealth of the Reliance honcho also significantly contributed in making him Asia's richest man.
Earlier this month, the business magnate revealed that Reliance is India's largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector.
Mukesh Ambani was ranked the 18th wealthiest person in the world by Forbes in January 2018 and the only Indian businessman, on the list of world's most powerful people by Forbes.
(Featured Image – Bloomberg)
