Mukesh Ambani Overtakes Zhang Yiming to Become Asia’s Richest Billionaire

Mukesh Ambani has reclaimed Asia’s richest person title after Reliance Industries shares surged nearly 12%, taking his estimated net worth to $88.8 billion, according to Forbes.

Mukesh Ambani Becomes Asia’s Richest Person With $88.8 Billion Net Worth

Reliance Industries Chairman Mukesh Ambani has overtaken ByteDance co-founder Zhang Yiming to become Asia’s richest person, according to Forbes’ Real-Time Billionaires list published on Tuesday.

Ambani’s estimated net worth climbed 10.5% to $88.8 billion, placing him at the 22nd position among the world’s wealthiest individuals. The increase came after a sharp rally in Reliance Industries shares, supported by the company’s strong quarterly financial performance and positive investor sentiment.

Mukesh Ambani Overtakes Zhang Yiming in Forbes Billionaires Ranking

According to the latest Forbes rankings, Ambani has moved ahead of Zhang Yiming, whose estimated fortune stood at $84 billion. Yiming occupied the 25th position globally.

Adani Group Chairman Gautam Adani ranked 26th, with an estimated net worth of $80.1 billion.

The latest ranking places Ambani back at the top of Asia’s billionaire list. His wealth increase reflects the rise in Reliance Industries’ market value following the company's latest stock market performance.

Reliance Industries Shares Surge Nearly 12%

Reliance Industries shares gained nearly 12% on Monday, adding more than $19 billion to the company's market capitalisation.

The rally followed the company's announcement of its strongest quarterly financial performance for the July-September period. Growth across its oil-to-chemicals (O2C), digital services and retail businesses contributed to the improvement in its financial results.

Reliance's consolidated revenue increased 28% year-on-year to ₹3.62 lakh crore. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 24% to ₹62,409 crore.

The company's net profit also registered a substantial increase, climbing 34% to a record ₹29,550 crore. These results strengthened investor confidence and contributed to the sharp movement in the company's share price.

Oil-to-Chemicals Business Records Strong Growth

Reliance's oil-to-chemicals division was a major contributor to its quarterly performance. Revenue from the segment increased 44.2% year-on-year to ₹2.32 lakh crore, while EBITDA jumped 67.9% to ₹25,203 crore.

The improvement was supported by stronger refining margins. Transportation fuel cracks, which indicate the difference between the prices of refined fuels and crude oil, rose between three and 3.7 times compared with the corresponding period last year.

The strong performance of the O2C business added to the positive financial outlook for Reliance Industries.

Analyst Upgrade Adds to Positive Market Sentiment

Following Reliance's quarterly results, brokerage firm Avendus Spark upgraded its rating on the company's shares from 'Reduce' to 'Add'. Bloomberg also reported that Reliance had no 'Hold' or 'Sell' recommendations from analysts for the first time since 2017.

The improved analyst outlook, combined with strong quarterly earnings, contributed to positive sentiment around the company's stock.

Jio Platforms Listing Supports Reliance's Market Performance

The stock market debut of Jio Platforms also played a role in strengthening investor sentiment towards Reliance Industries.

Jio Platforms reportedly gained 27% on its October 28 listing on the National Stock Exchange. Its initial public offering raised approximately $3.2 billion, giving the digital services company a valuation of around $106 billion.

Reliance Industries retained approximately 66% ownership in Jio Platforms. The digital services business had more than 533 million mobile subscribers as of June.

The listing provided investors with a clearer market valuation of one of Reliance's major businesses and added to the company's overall investment appeal.

Reliance Industries' Position in the Global Market

Founded by Dhirubhai Ambani in 1957, Reliance Industries has grown into one of India's largest business conglomerates. Its market capitalisation exceeded ₹17.54 lakh crore following the recent rally.

The company also secured the 55th position on Forbes' 2026 Global 2000 list. It reported sales of $119.7 billion, assets worth $229.6 billion and profits of $9.1 billion.

Reliance's presence across energy, retail and digital services has helped establish its position as a major player in India's corporate sector.

Conclusion

Mukesh Ambani's return to the top of Asia's richest billionaires list highlights the impact of Reliance Industries' strong financial performance and rising share price. Growth across its businesses, alongside Jio Platforms' market debut, has strengthened investor confidence and increased his estimated wealth to $88.8 billion.