Mukesh Ambani becomes Asia's richest person, overtakes China's Hui Ka Yan

Reliance Industries Chairman Mukesh Ambani on Wednesday overtook China’s Hui Ka Yan to become Asia’s richest person with a total wealth of $42.1 billion.

According to Forbes’ real time billionaire’s list, Ambani's personal wealth rose by $466 million, thanks to 1.22 per cent rise in shares of Reliance Industries to Rs 952.30 on Wednesday.

On the other hand, wealth of China Evergrande Group’s Chairman Hui Ka Yan slumped by $1.28 billion to $40.6 billion on Wednesday.

Globally, Ambani stood at the 14th spot on Forbes’ real time billionaire’s list, which is based on the value of person’s stock holding and assets on a real time basis.

Ambani has seen a huge jump in his personal wealth in 2017, as the shares of Reliance Industries have jumped over 75 per cent year-to-date. Last month, RIL had churned out another billion dollar profit in the September quarter thanks to robust growth in gross refining margins and petrochemical revenues.

Consolidated net profit of the company had increased 12.48 per cent year-on-year (YoY) to Rs 8,109 crore for the quarter ended September 30, 2017 against Rs 7,209 crore in the corresponding quarter last year.

RIL on Wednesday became the first Indian company to hit the market capitalisation of Rs 6 lakh crore.

Ambani's telecom rival Sunil Mittal also saw a huge jump in personal wealth on Wednesday. Mittal's real time net worth according to Forbes surged by $751 million to $10.9 billion.

Shares of Bharti Airtel, had surged by 8.19 per cent to Rs 538.40 on Wednesday.