Reliance Industries Chairman and Managing Director Mukesh Ambani has reclaimed the title of Asia’s richest person, overtaking ByteDance co-founder Zhang Yiming, according to Forbes’ Real-Time Billionaires List. A sharp rally in Reliance Industries shares boosted Ambani’s wealth by $8.5 billion, taking his estimated net worth to $88.8 billion.
According to the latest billionaire rankings updated on November 3, Ambani’s fortune surged 10.5%, placing him at the 23rd position on the global billionaire index. Zhang Yiming, the former CEO and co-founder of ByteDance, the Chinese company that owns TikTok, now has an estimated net worth of $84 billion.
The development comes after Reliance Industries shares jumped nearly 12% on Monday, November 2, adding more than $19 billion to the company’s market capitalisation. The rally followed the company’s strong September-quarter financial performance, which exceeded market expectations.
Strong Q2 Results Drive Reliance Industries Shares Higher
Reliance Industries reported its strongest-ever quarterly performance for the July-September quarter of FY27, with record revenue, EBITDA and net profit. The company’s consolidated revenue increased 28% year-on-year to ₹3.62 lakh crore, while EBITDA rose 24% to ₹62,409 crore. Net profit also jumped 34% to ₹29,550 crore.
The company’s oil-to-chemicals (O2C) business emerged as a major growth driver, with revenue increasing 44.2% year-on-year to ₹2.32 lakh crore. Its EBITDA surged 67.9% to ₹25,203 crore during the quarter.
Following the strong earnings announcement, brokerage firm Avendus Spark upgraded Reliance Industries’ stock rating from ‘Reduce’ to ‘Add’. The upgrade also marked the first time since 2017 that the company had no ‘Hold’ or ‘Sell’ recommendations from analysts, according to Bloomberg.
Jio Platforms’ Stock Market Debut Adds To Reliance Rally
The positive momentum in Reliance Industries shares also followed the strong stock market debut of its subsidiary, Jio Platforms. The telecom and digital services arm surged 27% on its trading debut on the National Stock Exchange on October 28.
Jio Platforms’ IPO raised $3.2 billion at an estimated valuation of approximately $106 billion, making it the largest initial public offering in India’s history. Reliance Industries continues to hold approximately 66% stake in the company.
Jio Platforms, which operates India’s largest mobile carrier, had more than 533 million subscribers as of June 2026. Its strong market debut further strengthened investor confidence in Reliance’s digital business.
Mukesh Ambani vs Zhang Yiming: Who Are Asia’s Richest Billionaires?
With his latest wealth surge, Ambani has moved ahead of Zhang Yiming in the Asian billionaire rankings. Gautam Adani, chairman of the Adani Group, also features among the world’s wealthiest individuals.
According to the latest estimates reported on November 3, the wealth rankings stand as follows:
| Billionaire | Estimated net worth |
|---|---|
| Mukesh Ambani | $88.8 billion |
| Zhang Yiming | $84 billion |
| Gautam Adani | $80.1 billion |
Reliance Industries, founded by Dhirubhai Ambani in 1957, has expanded its operations across petrochemicals, oil and gas, telecommunications, retail, media and financial services. The conglomerate remains India’s most valuable listed company, with a market capitalisation of over ₹17 lakh crore.