Savitri Jindal replaces Yang Huiyan as Asia’s richest woman. Here's what led to the change
Premium- Yang Huiyan saw her total wealth drop to $11 billion from nearly $24 billion last year. In fact, she lost more than $1 billion in just one day.
Asia’s wealthiest woman Yang Huiyan lost more than half of her wealth following China’s property crisis. Huiyan, who controls China’s largest real estate developer Country Garden Holdings, saw her total wealth drop to $11 billion from nearly $24 billion last year. In fact, she lost more than $1 billion in just one day.
In China, the biggest developers are struggling with falling home prices, weakening buyer demand, and a debt default crisis. And amid the uncertainties, Country Garden Holdings stock has lost more than half its value this year, Bloomberg Billionaires Index pointed out.
Since 2020, the Chinese government started clamping down on excessive debt in the property sector which led to the biggest real estate company failing payment and renegotiating terms with creditors. This led to construction and delivery delays across the country.
Amid the crisis, Country Garden announced it would sell new shares to raise cash, following which its share fell 15%.
In 2005, Huiyan inherited her father's stake in the real estate company, becoming one of the youngest billionaires on the planet. For the past five years she's been Asia's richest woman.
Savitri Jindal is now Asia's richest woman
With a dramatic fall in Yang Huiyan's wealth, Savitri Jindal now became Asia's richest woman. Jindal, 72, is India's richest woman and the 10th-richest person in the country of about 1.4 billion.
Savitri Jindal, who never went to college and took over her husband's business only after his sudden demise, saw her fortune rise by $12 billion in just 2 years. In fact, her net worth has tripled more than 3 times in these last 2 years from $4.8 billion in 2022 to $17.7 billion in 2022. This was after it dipped by 50% in 2019 and 2020. From $8.8 billion in 2018, her net worth dropped to $5.9 billion in 2019 and $4.8 in 2020.
Jindal entered 10 top clubs in 2021 when her net worth touched $18 billion in 2021. She has been considered the richest Indian woman for the past few years, according to Forbes. In India's richest women list, she is followed by Kiran Mazumdar and Crishna Godrej.
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