Gautam Adani has reclaimed his title as the richest person in Asia, surpassing Mukesh Ambani, the head of Reliance Industries.
Adani's net worth has soared to USD 111 billion, placing him at the 11th position globally, while Ambani trails slightly behind with a wealth of USD 109 billion, securing the 12th spot, as per the Bloomberg Billionaires Index.
The surge in stock prices of Adani Group's listed companies, propelled by a bullish view from US brokerage Jefferies, has led to a significant increase in market value.
Adani Group's market capitalisation reached Rs 17.51 lakh crore, following a substantial addition of Rs 84,064 crore on Friday.
This surge has enabled Adani to overtake Ambani, who is currently engaged in pre-wedding celebrations for his youngest son Anant.
In 2022, Adani initially claimed the title of Asia's richest person, but faced setbacks in January 2023 when his conglomerate was hit by allegations of fraud from Hindenburg Research.
Despite the temporary downturn, Adani Group rebounded with a comeback strategy, including debt containment and business consolidation, leading to record earnings by the end of the fiscal year 2023-24.
Adani's journey from a college dropout to a prominent entrepreneur has been remarkable. Starting his career in the diamond industry and later venturing into his own company in 1988, Adani's wealth has seen a meteoric rise over the past decade, reaching USD 121 billion by the end of 2022.
His optimism about the future of the Adani Group was evident in the recent annual reports, where he expressed confidence in the group's potential for growth and success.
In 2024 alone, Adani's net worth has surged by USD 26.8 billion, while Ambani's wealth has increased by USD 12.7 billion, according to the Bloomberg Billionaires Index.
With Adani's resurgence, the competition for the title of Asia's richest person continues to captivate financial markets.
Follow us
