India’s business tycoon Savitri Jindal overtaken Chinese billionaire Yang Huiyan tops wealth rankings while China’s real estate developers are reeling from a mortgage boycott.
What happened: Jindal’s net worth surpassed Huiyan on the global rankings, standing at US$11.3 billion, according to the Bloomberg Billionaires Index.
It was a dramatic slump for Huiyan, whose fortune nearly halved to $11 billion this year, as the Chinese housing crisis hit Huiyan’s business country garden stocks CTRYY CTRYF and other real estate developers. Huiyan was one of the world’s youngest billionaires after inheriting her father’s stake in the real estate development company in 2005.
And for the past five years, she’s also been the richest woman in Asia, but the real estate crisis has pushed her below other Chinese billionaires, including Fan Hongwei of the chemical fiber company Hengli Petrochemistry.
At the same time, the 72-year-old former politician and Jindal conglomerate chairman’s net worth grew by nearly $1.2 billion — all thanks to the recent 16.64% surge in the India-listed stock Jindal Steel & Power Limited.
Jindal, who took over the steel and energy business from her husband Om Prakash Jindal after his sudden death in 2005, she is also the richest woman in India and the 10th richest person in the country.
The conglomerate produces steel and is active in the cement, energy and infrastructure sectors.
Bloomberg’s list of the 500 richest people in the world includes 68 women – led by Francoise Bettencourt Meyers L’Oréal LRLCFworth $75 billion, followed by the American philanthropist Julia Koch and Walmart Inc‘s WMT founder Sam Waltons daughter Alice Walton.
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