Ambani named Asia's richest man

Mukesh Ambani is Asia's richest person Mukesh Ambani is Asia's richest person with a net worth of $26.8 billion (Dh98.4 billion), even after his shares in India's top company by market value slid 18 per cent over the past 12 months , according to the Bloomberg Billionaires Index.
Hong Kong's Li Ka-shing, nicknamed "Superman" by the local media for his investing prowess, ranks second in Asia, with a $25.8 billion fortune. Lakshmi Mittal, the Indian-born chairman of ArcelorMittal, the world's biggest steelmaker, is the third wealthiest Asian with a net worth of $23.6 billion.
Their fortunes account for about 11 per cent of the combined net worth of the world's 20 richest people. More Asians are set to dominate the ranking in the coming years after the number of billionaires in the region surpassed Europe's in 2010 and North America's in 2011, according to Credit Suisse Group AG.
"Asia is witnessing a tremendous economic boom now and the entrepreneurs who are steering economic prosperity are cleverly optimising these opportunities," said Noor Quek, previously the head of business development in south-east Asia at Citigroup's private-banking unit, who now runs Singapore-based family office adviser NQ International Pte.
"Growth in the number and wealth of Asian billionaires will be exponential and the process has started."
The number of billionaires in Asia rose to 351 last year, from 245 in 2010, according to the Credit Suisse Global Wealth report. Europe had 251 billionaires while North America accounted for 332 last year, the Zurich-based bank said.
Ambani, who owns 44.7 per cent of Reliance Industries, operator of the world's biggest oil refining complex and owner of India's biggest natural gas field, ranks 11th among the world's richest. The 54-year-old industrialist's stake in the Mumbai-based energy explorer and refiner is worth $24 billion.
Last year's 35 per cent drop in Reliance's share price prompted Ambani to offer to buy back the stock for the first time in seven years.
Reliance's cash more than tripled in the past two years to $15 billion after BP, Europe's second-largest oil company, bought stakes in 21 fields in India for $7.2 billion last year.
Two years ago, India's richest man completed his 27-storey house in Mumbai, where half of the city's population lives in slums. The skyscraper, called Antilia, is worth at least $500 million, according to Anuj Puri, chairman and country head of Jones Lang LaSalle.
Li, Greater China's wealthiest, ranks 12th worldwide, according to the index. His investments in Cheung Kong Holdings, the world's third-largest property developer by market value, Hutchison Whampoa, the billionaire's biggest company, and Husky Energy, a Canadian oil company, are worth about $24 billion.
The 83-year-old founded Cheung Kong in the 1950s to manufacture plastics. Li increased his investments in Hong Kong real estate in 1967 after riots from China's Cultural Revolution depressed prices. He correctly forecast in 2007 that China's stock-market bubble would burst and predicted in 2009 the rally in Hong Kong home prices.
Mittal, named after the Hindu goddess of wealth and prosperity, is the 16th richest man in the world, according to the index.
A 47.5 per cent slump in the share price of ArcelorMittal in 2011 has eroded Mittal's fortune as cooling economies in China and Europe sapped demand for steel.
His 41 per cent stake in the Luxembourg-based company is worth about $14 billion, compared with about $17 billion a year ago, according to data compiled by Bloomberg.
Mittal, 61, has lived in London since 1995 where he owns several properties, including a 12-bedroom mansion in Kensington Palace Gardens, which he bought in 2004 for £57.1 million (Dh331.6 million).