Adani Surpasses Ambani as Asia's Richest with $111 Billion Net Worth

Once more, Gautam Adani, the chairman of the Adani Group, has outpaced Mukesh Ambani, the chairman of Reliance Industries, to reclaim the title of Asia's wealthiest individual on the Bloomberg Billionaires Index. Adani now holds the 11th position on the index with a fortune of $111 billion, edging past Ambani's $109 billion. Topping the list globally is Bernard Arnault, boasting a net worth of $207 billion, trailed closely by Elon Musk with $203 billion and Jeff Bezos with $199 billion, according to the Bloomberg Billionaires Index.

One key driving factor behind this is the surge in Adani stocks. On Friday, shares of all Adani Group companies surged after a Jefferies report spotlighted the group's ambitious expansion plans, including $90 billion in capital expenditures over the next decade. The market responded favorably, leading to an increase of Rs 1.23 lakh crore in investor wealth for Adani Group stocks, raising their total market capitalization to Rs 17.94 lakh crore during intraday trading. By the end of the trading session, the market capitalization had settled at Rs 17.51 lakh crore, reflecting an addition of Rs 84,064 crore in value.

In 2023, the Adani Group faced considerable adversity after a Supreme Court ruling mandated an inquiry into the allegations outlined in the Hindenburg report. Formerly ranked as the third wealthiest individual worldwide, Adani saw a sharp decline in ranking as the group's stocks underwent substantial divestment. Later, the Supreme Court instructed the Securities and Exchange Board of India (Sebi) to conclude its examination of the Adani Group, asserting that no additional investigations were warranted. However, Sebi reported its inability to arrive at a conclusive decision in its investigation.

Last week, Adani shared his optimistic outlook for the future of the group, stating that its best days are yet to come. “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", commented Adani.