Gautam Adani overtakes Mukesh Ambani as India’s richest man

Adani Group Chairman Gautam Adani has overtaken Reliance Industries Chairman Mukesh Ambani to become the richest man in India and Asia in the Bloomberg Billionaire’s Index (BBI).

While Adani has seen his value climb into the top 12 of the world rankings, Ambani is just one spot lower at 13. Both have moved up a spot since last year.

Earlier in December 2023, the billionaire climbed to the 15th position, coming in close proximity to Ambani, who was 14 at the time.

Net worth

With a net worth of $97.6 billion, the Adani Group founder is now the 12th richest person in the world and the richest Indian and Asian on the list. From the last position on the list, it earned $7.67 billion and accumulated $13.3 billion year-to-date (YTD). Early last year, Adani saw its net worth drop many places amid the Hindenberg allegations.

In January 2023, Hindenburg Research, a New York-based short seller, accused the Adani Group of long-term stock manipulation and accounting irregularities. These claims have been refuted by the Adani Group. Following the allegations, a slump in Adani Group companies’ share prices saw Adani’s fortunes plummet by nearly 60 percent, plunging by as much as $69 billion.

Source of wealth

Ahmedabad’s Adani Group, led by Gautam Adani, is a key infrastructure conglomerate in India. It owns the largest private port in the country and plays a significant role in the global coal trade. Adani Enterprises, the flagship company within the group, posted revenue of $17 billion for the fiscal year ending March 31, 2023.

Gautam Adani’s wealth stems primarily from his ownership in six publicly traded companies affiliated with the Adani Group, the conglomerate he founded.

According to BBI, Adani’s companies and holdings (through the promoter group and through the Adani family trust) include publicly traded companies — Adani Enterprises (73 percent); Adani Green Energy (56 percent); Adani Ports (66 percent); Adani Power (70 percent); Adani Transmission (68 percent); Adani Energy Solutions (73 percent) and Adani Total Gas (37 percent).

Other Indians in Top50

RIL’s Ambani is now the second richest man in India and Asia at number 13 with a net worth of $97 billion. Since the last change, he has raised $764 million and added $665 million to his wealth since the beginning of the year.

Rounding out the other Indians in the BBI Top 50 are Shapoor Mistry with $34.6 billion at 38 and Shiv Nadar with $33 billion at 45.

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