Mukesh Ambani, the richest Asian, adds this much wealth while 128 tycoons lose $137 billion in 2018

Agencies
December 24, 2018

Dec 24: The world’s fastest growing source of mega-wealth hit a speed bump this year. The 128 people in Asia with enough money to crack the 500-member Bloomberg Billionaires Index lost a combined $137 billion in 2018, the first time wealth in the region has dropped since the ranking started in 2012.

Global trade tensions and concerns that stock valuations are too frothy hammered some of the area’s biggest fortunes. China’s tech sector was hit particularly hard, while India and South Korea weren’t spared. The declines occurred even as banks and money managers aggressively stepped up efforts to cater to Asia’s richest. Asian equities retreated again on Friday, with benchmarks slipping in Japan, China and Australia.

“Difficult stock market conditions this year and the uncertainty of the trade tensions likely have been a challenge to many businesses,” said Philip Wyatt, a Hong Kong-based economist for UBS Group AG, who doesn’t see the downdraft continuing through 2019 or significantly reducing the ranks of billionaires. Conditions are actually ripe for the region to create more of the mega rich as new technologies attract private capital and government support, he said.

For now, though, fear in the market is trampling fortunes. More than two-thirds of the 40 Chinese on the Bloomberg ranking saw their wealth dwindle. Wanda Group’s Wang Jianlin, whose property conglomerate is selling assets to cut debt, lost $10.8 billion, the most of anyone in Asia. JD.com founder Richard Liu, who was arrested in the U.S. in August for less than 24 hours on suspicion of rape before being released, took the heaviest losses in percentage terms, with his wealth cut almost in half to $4.8 billion. Liu won’t be charged, authorities in Minneapolis said Friday.

India’s 23 richest people, meanwhile, saw $21 billion vanish. Lakshmi Mittal, who controls the world’s largest steelmaker, led the way, losing $5.6 billion, or 29 percent of his net worth, followed by Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, the world’s fourth-largest generic drugmaker, whose wealth declined $4.6 billion.

South Korea’s tycoons didn’t escape the carnage either. The market rout lopped $17.2 billion from the fortunes of the country’s seven richest people. The father and son who control Samsung Electronics, Lee Kun-Hee and son Jay Y Lee, account for more than a third of that decline. In Hong Kong, titans of real estate took a big hit. Li Ka-shing, who retired as chairman of CK Hutchison and CK Asset in March, lost $6 billion in 2018, while Lee Shau Kee, the city’s second-richest person, ends the year about $3.3 billion poorer. There were still plenty of winners to emerge from the wreckage of 2018.

Lei Jun, the chairman of Chinese smartphone maker Xiaomi Corp., added $8.7 billion, with a July initial public offering catapulting him into the Top 100 of the Bloomberg index after he started the year outside the ranking. The IPO also turned three of his co-founders into billionaires. Japan’s richest person, Tadashi Yanai, added $6.3 billion to his fortune as shares of Fast Retailing Co., the world’s largest apparel retailer, surged 30 percent. India’s Mukesh Ambani added $4 billion to his fortune and eclipsed Alibaba Group Holding Ltd.’s Jack Ma as Asia’s richest person, thanks in part to the performance of Reliance Industries Ltd. Among the winners, the Bloomberg Billionaires Index added new members in technology, consumer, biotech and pharmaceuticals.

E-commerce platform Pinduoduo Inc.’s Colin Huang was the second-largest winner in the region, adding $6.6 billion to his net worth. China’s third largest online retailer was targeted by short seller Blue Orca Capital in November for overstating financials, though its shares traded higher that week as the company denied the accusation and posted strong growth in sales. While most of the newcomers to Asia’s ranks of billionaires are from China, there are five from Korea and four from Japan. Two new billionaires were identified in Southeast Asia. The household “must-have” fish sauce condiment saw Nguyen Dang Quang, chairman of Vietnam’s consumer giant Masan Group, join the ultra-rich club. Indonesian real estate mogul Donald Sihombing, who works 20 hours a day, also joined the list. At least six Asian billionaires died, leaving behind a total of $29 billion.

Walter Kwok, the former chairman of Hong Kong’s biggest real estate developer Sun Hung Kai Properties Ltd. who was worth $9.1 billion, died in October at the age of 68. His two sons inherited a $3 billion stake from the company, according to regulatory filings. Vichai Srivaddhanaprabha, the founder of Thailand’s duty-free giant King Power Group, was killed in a helicopter crash in October. He owned English Premier League team Leicester City.

Comments

shaji
 - 
Wednesday, 26 Dec 2018

Ambani, Adani etc are earning billions mainly due to support from the Govt.    These looters are free to do any cheating / malpractice etc etc.   they are looting money from common indian and increasing their wealth which they will take with them at the time of death.  

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News Network
March 29,2020

New Delhi, Mar 29: The Centre on Sunday asked state governments and Union Territory administrations to effectively seal state and district borders to stop movements of migrant workers during lockdown, officials said.

During a video conference with Chief Secretaries and DGPs, Cabinet Secretary Rajiv Gauba and Union Home Secretary Ajay Bhalla asked them to ensure that there is no movement of people across cities or on highways as the lockdown continues.

"There has been movement of migrant workers in some parts of the country. Directions were issued that district and state borders should be effectively sealed," a government official said.

States were directed to ensure there is no movement of people across cities or on highways.

Only movement of goods should be allowed.

District Magistrates and SPs should be made personally responsible for implementation of these directions, the official said.

Adequate arrangements for food and shelter of poor and needy people including migrant labourers be made at the place of their work, the official said.

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News Network
January 9,2020

Srinagar, Jan 9: Envoys from 15 countries including the United States were shown around Srinagar on Thursday, the first visit by New Delhi-based diplomats since the government stripped Kashmir of its semi-autonomous status and began a harsh crackdown five months ago.

The diplomats were driven by Indian authorities in a motorcade amid tight security from the airport to the military headquarters in Srinagar, where they were briefed on the security situation, an army officer said. He spoke on condition of anonymity as he was not authorized to speak to reporters.

They also held discussions with civil society members and some Kashmiri politicians, said Raveesh Kumar, spokesman for the Ministry of External Affairs (MEA).

The objective of the visit, organized by the Union government, was for the envoys to see first-hand “how things have progressed and how normalcy has been restored to a large extent'' in Kashmir since August, Kumar told reporters in New Delhi.

In October, a group of European Parliament members had visited the region, which is claimed by both India and Pakistan.

The delegation that visited Kashmir on Thursday included US ambassador to India Kenneth Juster and diplomats from Bangladesh, Vietnam, Norway, the Maldives, South Korea, Morocco, Niger, Nigeria, Argentina, the Philippines, Fiji, Uzbekistan, Peru and Togo.

Offices, shops and businesses were open in Srinagar on the cold winter day, but the diplomats did not stop to talk to people as they moved to different venues of their meetings.

They were to fly to Jammu, the winter capital of Kashmir, later Thursday and return to New Delhi on Friday.

Congress leader Jairam Ramesh pointed out the oddity of taking foreign diplomats to the troubled state but not allowing allowing Indian political leaders to freely visit it.

The National Conference said it was "disappointed" with the way the government brought envoys from various countries to "endorse" its "claims of normalcy" in the union territory. The party alleged that it was no more than a "guided tour" with access limited to "handpicked individuals who toe the government line".

“The NC wishes to ask these envoys that if the situation in Jammu & Kashmir is "normal", then why are scores of people, including three former chief ministers, under detention for almost 160 days and why have the people been denied access to the internet for over 5 months?" a statement issued by the party said.

Kumar dismissed as unfounded criticism of the visit, and said more such visits to Kashmir by New Delhi-based diplomats are likely in the near future.

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Agencies
February 16,2020

New Delhi, Feb 16: Despite the fact that Aam Aadmi Party (AAP) managed to clean sweep in the recently-concluded 2020 Delhi Assembly polls with eight women candidates winning, Chief Minister Arvind Kejriwal's new cabinet does not have a single woman.

This, even as eight AAP women candidates -- Atishi Marlena, Rakhi Birla, Raj Kumari Dhillon, Preeti Tomar, Dhanwati Chandela, Parmila Tokas, Bhavna Gaur and Bandana Kumari emerged victorious in the 2020 Assembly polls.

Also, AAP's poll campaign had put the spotlight on women's issues- free bus rides for women, safety etc.

This year, AAP had fielded nine female candidates out of which only woman candidate Sarita Singh from Rohtas Nagar suffered defeat. In 2015, the party had fielded six women candidates, all of whom won the election.

Atishi Marlena, who won the election from Kalkaji, has served as a key advisor to the AAP leader Manish Sisodia primarily on education policies that transformed public school education in the capital.

Just like Marlena, incumbent MLA Rakhi Birla from Mangolpuri constituency has also failed to comeback to the Cabinet in this term even after bagging over 74,100 votes, with a margin of over 30,000 votes and 58 per cent of the vote share.

She was charged with the Cabinet Ministry of Women and Child, Social Welfare and Languages, for a few months in AAP's first term from 2013 to 2014. During this, period she came to the spotlight as she became the youngest ever cabinet minister of Delhi at the age of 26 and was even called "giant killer" for defeating four-time Congress MLA Raj Kumar Chouhan in 2013 Delhi polls.

Another candidate of AAP, Raj Kumari Dhillon swept Hari Nagar against BJP's Tajinder Pal Singh Bagga by a margin of over 20,100 votes.

Apart from these three, Preeti Tomar (Tri Nagar), Dhanwati Chandela (Rajouri Nagar), Pramila Tokas (RK Puram), Bhavna Gaur (Palam), and Bandana Kumari (Shalimar Bagh)- the other five who won for AAP- do not figure in the new cabinet.

Today at Ramlila Maidan, AAP national convenor Arvind Kejriwal was sworn-in as Chief Minister of Delhi.

Besides him, Manish Sisodia, Satyender Jain, Gopal Rai, Kailash Gehlot, Imran Hussain, and Rajendra Gautamas took oath as the ministers in Delhi.

AAP achieved a landslide victory in the Assembly elections with a clear majority of 62 seats out of 70. 

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