Forbes data shows a surge in Reliance Industries shares lifted Ambani past Zhang Yiming, though the Bloomberg Billionaires Index still ranks Gautam Adani first.
Tamrah News Desk | November 3, 2026
Mukesh Ambani became the richest person in Asia on Monday, November 2, according to Forbes, after a jump of nearly 12% in Reliance Industries stock added $8.5 billion to his net worth. Forbes reported that the gain lifted his estimated fortune to $88.8 billion and moved him past ByteDance cofounder Zhang Yiming. The rally followed strong September quarter results and a record market debut for the Jio Platforms unit.
How the Reliance Industries Stock Rally Lifted Mukesh Ambani Net Worth
Forbes said Ambani’s wealth rose 10.5% on its Real Time Billionaires list, placing him 23rd in the world. Zhang ranks 25th with an estimated $84 billion, according to the magazine, which describes him as a cofounder and former chief executive and chairman of ByteDance. Forbes added that the share surge put more than $19 billion on the market value of Reliance Industries, which stands near ₹17 lakh crore, or about $186 billion. Citing Bloomberg, Forbes also reported that an Avendus Spark analyst upgraded the stock after the results. That left Reliance Industries with no hold or sell ratings for the first time since 2017.
What Drove the Earnings Beat at Reliance Industries
Outlook Business reported that net profit attributable to owners rose 40% to ₹25,548 crore for the July to September quarter. Upstox reported that operating profit, known as EBITDA, climbed 24% to ₹62,409 crore. PTI reported that the oil to chemicals business benefited from a surge in global fuel margins. Outlook Business also said net debt fell to ₹117,140 crore from ₹122,914 crore in June. Forbes, citing Bloomberg, said the result of about $2.7 billion beat analyst expectations of $2.3 billion.
Jio Platforms IPO Adds to the Momentum
Jio Platforms listed on October 28 after raising ₹30,213 crore, about $3.2 billion, in what Upstox described as the largest equity offering in Indian history. DeshGujarat reported that shares listed at ₹1,358, a 21.36% premium to the ₹1,119 issue price. Forbes said the stock later surged more than 27% on its debut. Reliance Industries holds roughly 66% of Jio Platforms, which Forbes said had more than 533 million subscribers as of June. Forbes, citing Axios, put the IPO valuation near $106 billion. NewsBytes reported that the offer was oversubscribed 22.2 times.
Why Reliance Industries Drives the Ambani Fortune
Dhirubhai Ambani, the father of Mukesh Ambani, founded the company in 1957, Forbes reported. Reliance Industries operates in petrochemicals, oil and gas, telecom, retail, media and financial services, and has the highest market value of any Indian company. Forbes ranked it 55th on its 2026 Global 2000 list, with $119.7 billion in reported sales.
Who Is the Richest Person in Asia? Bloomberg and Forbes Differ
The answer depends on the tracker. Khaama Press, citing the Bloomberg Billionaires Index, reported that Gautam Adani held first place in Asia with about $110 billion as of October 29. It listed Zhang Yiming second at about $105 billion and Ambani third at $77.3 billion. Khaama added that the Bloomberg Billionaires Index values ByteDance, a private company, from outside investor valuations with a 10% discount. It noted that Forbes valued Zhang at about $84 billion in September, when Bloomberg put him above $105 billion. Those figures predate Monday’s Reliance Industries rally, and Forbes did not name Adani in its report.
How the Race for Asia’s Richest Man Shifted in 2026
Gulf News reported that Gautam Adani overtook Ambani in April, with $92.6 billion against $90.8 billion on the Bloomberg Billionaires Index. Business Today reported in June that Zhang passed Ambani at $92.8 billion as ByteDance’s valuation rose. It attributed the gain to strong TikTok performance and eased concerns over ByteDance’s US business. Khaama said Zhang then overtook Adani in mid September before Adani regained the lead.
Conclusion
Who is the richest person in Asia depends on the ranking you follow. Forbes puts Mukesh Ambani net worth at $88.8 billion after the Reliance Industries stock rally and the Jio Platforms IPO, while Bloomberg still shows Gautam Adani ahead of Zhang Yiming’s ByteDance fortune. Readers tracking Asia’s richest man, the Zhang Yiming net worth figure and the Bloomberg Billionaires Index should expect more movement.
-Tamrah News
