Gautam Adani Surpasses Mukesh Ambani, Emerges as Asia's Richest Man with a Net Worth of $97.6 Billion
Gautam Adani has become the richest man in Asia, surpassing Mukesh Ambani and climbing to the 12th position in the global billionaire index. With a net worth of $97.6 billion, the founder of the Adani Group is now the wealthiest individual in India and Asia. Adani's fortune witnessed a remarkable increase of $7.67 billion, allowing him to make significant strides in the rankings. It's worth noting that Adani faced a substantial decline in his net worth at the beginning of the previous year amid allegations from Hindenburg.
Adani now holds the title of Asia's richest man, surpassing Mukesh Ambani, the Chairman of Reliance Industries, who is now ranked second in India and Asia. Adani secured the 12th position globally, while Ambani dropped to the 13th spot. Both individuals have moved up by one position compared to the previous year.
In December 2023, Adani was ranked 15th globally and was in close proximity to Ambani. However, significant fluctuations in Adani Group's stock prices, allegations, and irregularities raised by Hindenburg Research led to a substantial decrease in Adani's net worth by almost 60% at the beginning of last year.
Adani Group, headquartered in Ahmedabad and led by Gautam Adani, plays a crucial role in India's infrastructure, particularly in operating the country's largest private ports and being a major player in the global coal trade. Adani Enterprises, the group's flagship company, reported $17 billion in revenue for the financial year ending March 31, 2023.
Gautam Adani's wealth primarily stems from his ownership in six publicly traded companies affiliated with the Adani Group. These companies are involved in various businesses, contributing significantly to Adani's overall net worth.
The recent surge in Adani's net worth can be attributed to legal battles he has been fighting, efforts to rebuild public trust, and a boost in share prices following a Supreme Court ruling on January 3. The Supreme Court acknowledged that the investigation conducted by the Securities and Exchange Board of India (SEBI) adhered to regulations. This ruling prompted a substantial increase in Adani Group's share prices and subsequently contributed to the growth in Gautam Adani's net worth.
In the top 50 rankings of the Bloomberg Billionaires Index (BBI), Mukesh Ambani holds the 13th position globally with a net worth of $97 billion. Other notable Indians in the top 50 include Shapoorji Pallonji Mistry at 38th place with $34.6 billion and Shiv Nadar at 45th place with $33 billion.
