Yang Huian is no longer Asia’s richest woman, as the country’s developers, including her Country Garden Holdings company, are hit by China’s property crisis.
According to the Bloomberg Billionaires Index, Yang has been overtaken by India’s Savitri Jindal. Founder of the Jindal Group, she has a net worth of $11.3 billion. Chemical fiber company Hengli Petrochemical Co, the source of much of Fan Hongwei’s wealth, was only the second Chinese tycoon behind him.
When Yang inherited her father’s interests in the real estate developer in 2005, she became one of the youngest billionaires on the planet. Since 2010, she has been Asia’s richest woman, a testament to the country’s booming real estate market.
Country Garden, China’s biggest property developer, revealed this week that it needed to raise equity at a discount and its shares fell to their lowest level since 2016. Yang, now in his forties, owns about 60% of Country Garden and 43% of its management services unit.
On the other hand, 72-year-old Jindal is India’s richest woman and the country’s 10th richest citizen. In 2005, her husband, OP Jindal, died in a helicopter crash during a business trip. One of the leading producers of steel in India, as well as a major player in the energy sector and infrastructure sector.
Jindal’s wealth has risen and fallen dramatically over the past few years. During the outbreak of the COVID-19 pandemic in April 2020, it fell to $3.2 billion, but after Russia’s invasion of Ukraine in April 2022, it rose to $15.6 billion.