Gautam Adani Dethrones Mukesh Ambani To Become Asia’s Richest Man

With the rise in shares of Adani Group listed firms on Wednesday and the fall of Reliance Industries shares, Gautam Adani has overtaken Mukesh Ambani in the net worth game

Gautam Adani added $55 billion to his wealth in 2021 compared to $14.3 billion added by Mukesh Ambani Image: Getty

Mumbai: Billionaire Gautam Adani on Wednesday surpassed Mukesh Ambani and has become India’s and Asia’s richest person. Adani added $55 billion to his wealth in 2021 compared to $14.3 billion added by Mukesh Ambani.

Mukesh Ambani, with a net worth of $91 billion, was ranked as Asia’s richest according to Bloomberg's Billionaires Index, while Gautam Adani with a fortune of $88.8 billion was trailing Ambani by $2.2 billion.

With the rise in shares of Adani Group listed firms on Wednesday and the fall of Reliance Industries shares, Gautam Adani has overtaken Mukesh Ambani in the net worth game, at the time of writing this article.

With the fall of the $15-billion deal with Saudi Aramco to by 20 per cent stake in Reliance’s oil-to-chemicals (O2C) business, Reliance shares continued to fall on Wednesday.

Reliance shares fell another 1.48 per cent on the BSE on Wednesday to close at Rs 2,350.9, wiping out Rs 22,000 crore of investors’ wealth and making Mukesh Ambani poorer by Rs 11,000 crore. Reliance market capitalisation on Wednesday was pegged at Rs 14.91 trillion, still India's most valued firm. Reliance Industries Infrastructure, another listed company owned by Mukesh Ambani, fell by 1.57 per cent to Rs 613.85, valuing it at Rs 9,26.91 crore.

On the other hand, Adani Group firms added Rs 12,000 crore to their gross market capitalisation and Rs 4,250 crore to their net market capitalisation, making Gautam Adani Asia’s richest.

Adani Enterprises shares gained 2.76 per cent to close at Rs 1754.65 in the market on Wednesday, valuing the company at Rs 192,798 crore.

Adani Port and SEZ shares gained 4.59 per cent to close at Rs 762.75, valuing it at Rs 1,55,734.62 crore. Adani Power closed up marginally at Rs 105.95, valuing it at Rs 40,864.27 crore.

Shares of Adani Transmission fell 0.85 per cent, Adani Green Energy fell 1.37 per cent and Adani Total Gas dipped 1.58 per cent to close at Rs 1924.45, Rs 1387.7, and Rs 1,648.35, respectively.

 
The total market capitalization of the listed Adani Group firms is pegged at Rs 10 trillion compared to Reliance Industries’ market capitalisation of Rs 14.91 trillion, but Gautam Adani’s higher promoter holding in his listed group firms makes him richer than Mukesh Ambani.