China's largest bottled water company founder Zhong Shanshan has replaced Reliance Industries Chairman and MD Mukesh Ambani as the richest person in Asia.
Shanshan's net worth surged $70.9 billion this year to ₹77.8 billion, eclipsing Ambani and Alibaba founder Jack Ma, according to the Bloomberg Billionaire Index.
The 66-year-old rose to success, after he took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, and then months later Nongfu Spring Co., a maker of bottled water. Wantai is among those developing a COVID-19 vaccine.
Nongfu shares have jumped 155 per cent since their debut, and Wantai's are up more than 2,000%. Company's stock hit a peak this week after Citigroup Inc. analysts said the company has solidified its market dominance and has sufficient cash flow.
The dramatic rise pushed Shanshan to the first place in Asia and his net worth was one of the fastest accumulations of wealth in history, the media reported.
Ambani had an extraordinary year -- striking deals to transform his conglomerate Reliance Industries Ltd. into a technology and e-commerce titan -- and seeing his fortune surge $18.3 billion to $76.9 billion.
While Ambani was at one point the world's fourth-richest person, shares of his Reliance have stalled as he comes under pressure to deliver on the digital transformation he's promised.