Gautam Adani, the founder and chairperson of the Adani Group, has dethroned Mukesh Ambani, the chairperson and managing director of Reliance Industries, as the richest person in India and Asia, according to the Bloomberg Billionaires Index (BBI). Adani’s net worth reached $97.6 billion, making him the 12th richest person in the world, while Ambani’s net worth stood at $95.9 billion, ranking him 13th globally.
Both tycoons have climbed up the global wealth ladder since last year, when Ambani was 14th and Adani was 15th on the BBI. Adani’s fortune has soared by $13.3 billion year-to-date (YTD), while Ambani’s has increased by $10.8 billion YTD.
Adani’s wealth surge comes after a remarkable recovery from a massive setback in January 2023, when a New York-based short seller, Hindenburg Research, accused the Adani Group of fraud and manipulation. The Adani Group denied the allegations, but the share prices of its six listed companies plummeted, wiping out nearly 60 percent of Adani’s net worth, or up to $69 billion.
The Adani Group is a diversified conglomerate with interests in infrastructure, energy, mining, ports, airports, and defense. It is based in Ahmedabad, Gujarat, and reported revenues of $17 billion for the fiscal year ending on March 31, 2023. Adani owns stakes in six publicly traded companies under the Adani Group umbrella, namely Adani Enterprises, Adani Green Energy, Adani Ports, Adani Power, Adani Transmission, Adani Energy Solutions, and Adani Total Gas.
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