Gautam Adani Reclaims Asia’s Richest Person Tag from Mukesh Ambani, Net Worth Surges to $111 Billion

Mumbai: Billionaire Gautam Adani has surpassed Reliance Industries Chairman Mukesh Ambani to reclaim the title of Asia’s richest person, according to the Bloomberg Billionaires Index. As of 6 pm on Saturday, Adani, the chairman of the Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Ambani’s $109 billion.

This development marks Adani’s overtaking of Ambani after nearly five months. Ambani, currently in 12th place on the index, has seen his net worth grow to $109 billion. In comparison, the Founder and Chairman of the Adani Group added $5.45 billion to his net worth, while Ambani saw a gain of $76.2 million. On a year-to-date basis, Adani’s net worth increased by $26.8 billion, whereas Ambani’s net worth rose by $12.7 billion.

Earlier in the year, Ambani had overtaken Adani in net worth following a significant decline in Adani Group’s valuation after the Hindenburg report was published in January 2023. The report accused the conglomerate of accounting fraud, stock market manipulation, and fraudulent transactions.

Adani’s resurgence to the top spot as Asia’s wealthiest individual was driven by a recent surge in Adani Group stocks. On May 31, shares of all Adani Group companies gained significant attention and rose by up to 14 percent during the day. This surge followed a report by Jefferies that highlighted the group’s aggressive expansion plans, including $90 billion in capital expenditures over the next decade.

Adani Group stocks added up to Rs 1.23 lakh crore in investor wealth, bringing their total market capitalization to Rs 17.94 lakh crore on an intraday basis. By the market’s close, the market capitalization had settled at Rs 17.51 lakh crore, with an addition of Rs 84,064 crore in value.

The year 2023 has been quite challenging for the Adani Group. The Supreme Court ordered a panel to investigate the allegations made in the Hindenburg report. Adani, who was the third richest person globally with over $110 billion in valuation before the report, saw his fortunes drop by 34 percent following a sell-off of the group’s shares.

Later, the Supreme Court instructed the Securities and Exchange Board of India (SEBI) to conclude its investigation into the Adani Group and determined that no further probes were necessary.

Recently, Adani expressed optimism about the group’s future, stating that its best days are ahead. “The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been,” he said.

According to the latest Bloomberg Billionaires Index, Bernard Arnault is currently the richest person in the world with a net worth of $207 billion. He is followed by Elon Musk and Jeff Bezos, with total wealth of $203 billion and $199 billion, respectively.