Gautam Adani Reclaims Title of Asia's Richest Person, Surpassing Mukesh Ambani

Billionaire Gautam Adani has once again ascended to the position of Asia's wealthiest individual, surpassing Mukesh Ambani, chairman of Reliance Industries, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Adani, the chairman of Adani Group, holds the 11th spot on the index with a formidable net worth of $111 billion, outstripping Ambani's $109 billion fortune.

The remarkable surge in Adani Group stocks has been instrumental in Adani's overtaking of Ambani. Following a report by Jefferies outlining the group's ambitious expansion plans, including $90 billion in capital expenditures over the next decade, shares of all Adani Group companies witnessed a substantial surge on Friday.

The market responded favorably to this development, with Adani Group stocks contributing to an increment of ₹1.23 lakh crore in investor wealth, propelling their total market capitalization to ₹17.94 lakh crore intraday. Despite fluctuations, the market capitalization settled at ₹17.51 lakh crore by the close of trading, reflecting an addition of ₹84,064 crore in value.

In 2023, the Adani Group faced significant challenges following a Supreme Court order to probe allegations in the Hindenburg report. Adani, previously ranked as the third richest person globally, experienced a rapid decline in rankings as the group's shares underwent a sell-off. However, subsequent orders from the Supreme Court directed the Securities and Exchanges Board of India (Sebi) to conclude its investigation into the Adani Group, signaling a positive turn of events.

Last week, Adani expressed optimism about the future trajectory of the group, highlighting its resilience and potential for growth. "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 affirmed.

Currently, Bernard Arnault leads as the world's richest individual with a net worth of $207 billion, followed by Elon Musk and Jeff Bezos with the total wealth of $203 billion and $199 billion respectively.

Source: The Economic Times