Mukesh Ambani surpasses Alibaba Group's Jack Ma to become Asia's richest person

Reliance Industries chairman Mukesh Ambani emerged as Asia's richest person, surpassing Alibaba Group founder Jack Ma.

On Friday, Ambani's worth was estimated to be$44.3 billion with Reliance Industries Ltd. rising 1.6% to reach a new record at Rs 1,099.8, according to Bloomberg Billionaires Index. At the close of trade on Thursday in the US, Jack Ma's wealth was at $44 billion.

Reliance Jio Infocomm Ltd's disruptive success added to Mukesh Ambani's fortune. Doubling the petrochemicals capacity, Ambani earned an additional $4 billion this year, reports NDTV. On the other hand, Jack Ma lost $1.4 billion in Alibaba Group Holding Ltd.

Reliance Jio is now gearing up to take out a big chunk out of India's e-commerce business by leveraging their staggering 215 million subscriber base. Amazon.com Inc and Walmart Inc will have to be on their toes if Airtel-Jio tussle outcome is anything to go by.

In the annual shareholders' meeting, Ambani had said that by 2025 the 'size of Reliance will more than double.' He also announced that Reliance saw its 'biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform.'

After these announcements Reliance re-entered the $100 billion club after more than a decade, says the report.