Reliance Industries Limited chairman Mukesh Ambani on Wednesday became the richest man in Asia, according to Forbes’ real-time list of the world’s billionaires.

With a net worth of $41.9 billion (approximately Rs 2.7 lakh crore), the 60-year-old ranked above Chinese internet giant Tencent Holdings’ chairman Ma Huateng and real estate developer Evergrande’s chiarman Hui Ka Yan, according to the real-time list. Ambani’s wealth reportedly rose on Wednesday on the back of a rise in Reliance Industries’ stock price.

On Friday morning, Ambani stood at the 16th spot on the real-time list globally. This list is based on the value of the person’s stock holding and assets on a real time basis.

With a net worth of $38 billion (about Rs 2.4 lakh crore), Ambani has also topped the Forbes annual list of India’s 100 richest tycoons of 2017. “To put it in context, this is equal to the entire GDP of the former Soviet republic of Azerbaijan, as per World Bank Data 2016 estimates,” Forbes said. Wipro’s Azim Premji came in second, while the Hinduja family was ranked third. The richest newcomer is airline tycoon Nusli Wadia, ranked 25 on the list.

Reliance Industries Limited became the first Indian company to touch Rs 6 lakh crore in market capitalisation after its shares hit a new lifetime high on October 26. The stock price, which had risen over two times in the last one year, had touched Rs 958 on that day. On October 13, the company had reported a 12.8%-rise in its net profit for the July-September quarter, compared to the same period in 2016. The net profit was Rs 8,097 crore during the quarter.