Rich get richer

Many of the world’s wealthiest have seen their fortunes soar during the pandemic including Amazon founder Jeff Bezos.

In India, Mukesh Ambani saw his fortune surge 18 billion dollars to 77 billion dollars as he struck deals to transform his conglomerate Reliance Industries into a technology and e-commerce titan.

Earlier this year, Facebook said it was investing 5.7 billion in Ambani’s cut-price Indian mobile internet company Reliance Jio.

However, Jack Ma saw his wealth drop from a high of 62 billion dollars in October down to 51 billion dollars as his Alibaba empire faces increased scrutiny from Chinese regulators.

Alibaba is being investigated over claims of monopolistic behavior while its affiliate Ant Group had its stock market listing blocked in November.

Most of China’s new billionaires come from the tech industry. But rising tensions between China and the US over Huawei, TikTok and WeChat have also pushed down valuations of Chinese tech stocks.

Source: https://www.bbc.com/news/business-55481792

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