Gautam Adani has once again become Asia’s richest person, overtaking Mukesh Ambani according to the latest Bloomberg Billionaires Index.
Adani, chairman of the Adani Group, now ranks 11th globally with a net worth of USD 111 billion, edging out Ambani, chairman of Reliance Industries (RIL), whose net worth stands at USD 109 billion.
This change comes on the heels of a big rally in Adani Group stocks, driven by an optimistic report from Jefferies. The report mentioned the group’s ambitious expansion plans, which include USD 90 billion in capital expenditures over the next decade.
Investor confidence soared in response, with Adani Group stocks collectively adding up to Rs 1.23 lakh crore in market value at their peak during the trading day. By the end of trading, the group’s market capitalisation had increased by Rs 84,064 crore, settling at Rs 17.51 lakh crore.
The resurgence marks a dramatic recovery for the Adani Group, which faced severe challenges in 2023. Allegations from the Hindenburg report led to a Supreme Court-ordered investigation, causing a significant sell-off in the group’s shares and a rapid decline in Adani's ranking among the world's richest individuals.
However, the Supreme Court later directed the Securities and Exchange Board of India (Sebi) to conclude its investigation, stating no further probes were necessary. Sebi reported that it could not reach a definitive conclusion in its investigation.
On the global stage, the Bloomberg Billionaires Index places Bernard Arnault at the top with a net worth of USD 207 billion, followed by Elon Musk at USD 203 billion and Jeff Bezos at USD 199 billion. Other notable figures include Mark Zuckerberg with USD 166 billion, Larry Page with USD 153 billion and Bill Gates with USD 152 billion. The top ten is rounded out by Sergey Brin, Steve Ballmer, Warren Buffett and Larry Ellison.
