There has been a major change in the ranking of the world’s richest people and Asia’s richest businessmen. Zhang Yiming, co-founder of TikTok’s parent company ByteDance, has left behind Indian businessman Mukesh Ambani. Thanks to a surge in ByteDance’s valuation and the success of the company’s artificial intelligence (AI) projects, Zhang Yiming has now become the second richest person in Asia, while Mukesh Ambani has slipped to the third position. Let’s take a look at the details behind this change and see the current ranking of Asia’s richest people.
**Mukesh Ambani slipped to third place; Net worth declined to $86.9 billion**
According to the latest data from Bloomberg Billionaires Index, Reliance Industries chief Mukesh Ambani is no longer the second richest person in Asia. They have slipped in the rankings to third place in the region. Currently, Mukesh Ambani’s total personal wealth (net worth) is $86.9 billion. Although their dominance in the global business arena is still strong, the recent surge in the share prices of Chinese tech companies has caused them to slip down the rankings.
**Chinese businessman Zhang Yiming becomes Asia’s second richest; Wealth reaches $92.8 billion**
There has been a huge jump in the wealth of TikTok owner Zhang Yiming recently. With a total net worth of $92.8 billion, he has become the richest person not only in China but in the whole of Asia. When Bloomberg first started tracking his wealth in 2019, he had just $13 billion. In the last seven years, his wealth has increased a whopping seven times.
AI chatbot Dubao and US deal changed ByteDance’s fortunes
Zhang Yiming’s wealth has increased by more than $24 billion after global investors like BlackRock and Fidelity increased ByteDance’s valuation. ByteDance’s AI chatbot, Dubao, has become extremely popular in China and has more than 300 million monthly active users. Following controversy over a potential ban on TikTok in the US, ByteDance transferred part of its US operations to a group of US investors, including Oracle Corporation and Silver Lake. As soon as the deal was finalized, investor confidence was restored and the company’s valuation increased rapidly.
Gautam Adani remains ‘King of Asia’, number 1 position intact
Although Chinese billionaire Zhang Yiming has left behind Mukesh Ambani, he has not been able to leave behind Indian industrialist Gautam Adani. With a whopping net worth of $117.4 billion, Gautam Adani is firmly established as the richest person not only in India but in the entire Asian continent.