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India's Savitri Jindal Topples Yang Huiyan As Asia's Richest Woman
- By The Financial District
- Aug 2, 2022
- 2 min read
Yang Huiyan is no longer Asia’s richest woman as China’s property crisis hammers the nation’s developers, including her Country Garden Holdings Co., Venus Feng and Josephine Walker reported for Bloomberg.
Photo Insert: Savitri Jindal, 72, is India’s richest woman and the 10th-richest person in the country of about 1.4 billion.
Yang on Friday was surpassed in the Bloomberg Billionaires Index by India’s Savitri Jindal, who has an $11.3 billion fortune, thanks to her conglomerate Jindal Group, which is involved in industries including metals and power generation.
She also slipped below fellow Chinese tycoon Fan Hongwei, whose wealth derives from chemical-fiber company Hengli Petrochemical Co.
It’s been a dramatic fall for Yang, who in 2005 inherited her father’s stake in the real estate developer, becoming one of the youngest billionaires on the planet. For the past five years, she’s been Asia’s richest woman, reflecting the rapid growth of China’s property sector.
Her fortune has more than halved this year to $11 billion, with the decline accelerating this week when her Country Garden, China’s largest property developer, said it needed to raise equity at a discount, causing the stock to plunge to its lowest since 2016.
Yang, now in her early forties, owns about 60% of Country Garden and a 43% stake in its management-services unit, Jack Witzig also reported for Bloomberg.
Jindal, 72, is India’s richest woman and the 10th-richest person in the country of about 1.4 billion. She became the chairwoman of the Jindal Group shortly after her husband, founder OP Jindal, died in a helicopter crash in 2005. The company produces steel and operates in cement, energy, and infrastructure.
Jindal’s net worth has fluctuated wildly in recent years. It fell to $3.2 billion in April 2020 at the start of the COVID-19 pandemic, then reached as high as $15.6 billion in April 2022 as Russia’s invasion of Ukraine sent commodity prices soaring.
