Mukesh Ambani is Asia's richest again as Reliance shares jump nearly 12%

Stock market swings affect not only investors but also the wealth of company owners, and this has now been seen in the case of Reliance Industries chairman Mukesh Ambani.

Reliance shares had earlier fallen, pushing Ambani down the list of Asia's wealthy. With the shares now rallying, his wealth has risen significantly. He has once again become Asia's richest person and is back at the top of the list.

According to the Forbes real-time billionaires list, Ambani's wealth has risen 10.5 per cent to $88.8 billion.

The rise in Reliance Industries shares is considered a major reason for the increase in his wealth. The Jio IPO has also been very important for Ambani's wealth.

On Monday, Reliance shares rose by nearly 12 per cent, adding more than $19 billion to the company's market value. This surge in the shares lifted Ambani's wealth.

With this rise, Ambani has overtaken ByteDance co-founder Zhang Yiming, regaining the position of Asia's richest person.

On the Forbes real-time billionaires list, Ambani now ranks 22nd among the world's richest people.