Mukesh Ambani overtakes ByteDance founder Zhang Yiming to become Asia’s richest person after Reliance shares surge nearly 12%

Mukesh Ambani has overtaken ByteDance founder Zhang Yiming to become Asia’s richest person after a nearly 12% rise in Reliance Industries’ stock added $8.5 billion to his wealth on Monday. Ambani’s estimated net worth rose to $88.8 billion, according to Forbes’ Real-Time Billionaires list, while Yiming’s stands at $84 billion.

Reliance Industries shares surged nearly 12% on Monday, adding over $19 billion to the company’s market value. The rise came after the company reported quarterly revenue of 255.5 billion rupees, equivalent to $2.7 billion, beating analysts’ $2.3 billion, or 213.67 billion-rupee, prediction.

After the earnings, an analyst for Avendus Spark upgraded the stock from reduce to add. Bloomberg reported that this means Reliance Industries has no hold or sell recommendations for the first time since 2017.

Jio Platforms also sees strong debut

Reliance Industries’ jump comes after its subsidiary Jio Platforms surged 27% on its trading debut on the National Stock Exchange in Mumbai in late October.

Jio Platforms’ initial public offering was the largest in India’s history, raising $3.2 billion at a roughly $106 billion valuation. Reliance Industries holds a roughly 66% stake in the company, which went public on October 28.

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Jio Platforms is the digital services and telecommunications arm of Reliance and India’s largest mobile carrier, with over 533 million subscribers as of June.

Ambani moves ahead of Zhang Yiming

Ambani ranks No. 23 on the billionaires list, while Yiming ranks No. 25. Yiming is the cofounder and former CEO and chairman of ByteDance.

Reliance Industries operates across petrochemicals, oil and gas, telecom, retail, media and financial services. The company was founded by Dhirubhai Hirachand Ambani, Mukesh Ambani’s father, in 1957.

Reliance Industries has the highest market capitalisation in India, valued at ₹17 lakh crore, equivalent to around $186 billion. It ranked No. 55 globally on the Forbes Global 2000 list in 2026, with $119.7 billion in reported sales, $229.6 billion in assets and $9.1 billion in profits.