Gautam Adani Replaces Mukesh Ambani And Becomes Richest Person In Asia Again

In the last trading session on Friday, the stock price of all Adani Group firms climbed by up to 14 per cent following a bullish view on the conglomerate from US brokerage firm Jefferies

The Adani Group recently said that it plans to expand with a capital expenditure of $90 billion in the next decade.

Source : PTI

Gautam Adani reclaimed his tag of the richest person in Asia after stock price of the listed firms in his conglomerate surged recently. The Adani Group head with a net worth of $111 billion replaced Reliance Industries founder Mukesh Ambani with a net worth of $109 billion.

This development made Adani the 11th richest globally, while Ambani secured the 12th spot in the Bloomberg Billionaires Index, reported PTI. In the last trading session on Friday, the stock price of all Adani Group firms climbed by up to 14 per cent following a bullish view on the conglomerate from US brokerage firm Jefferies. 

The Adani Group recently said that it plans to expand with a capital expenditure of $90 billion in the next decade. These developments increased the market capitalisation of 10 Adani Group listed companies by Rs 84,064 crore to Rs 17.51 lakh crore. This surge helped Adani become the richest man in Asia. 

The Adani Group today owns several airports in the country, controls the largest renewable energy firm, media firm New Delhi Television, along with many other ventures across sectors.

Earlier in 2022, Adani saw a surge in his personal wealth and achieved the tag of the richest man in Asia. However, the businessman’s $21 billion conglomerate suffered in January 2023 due to Hindenburg Research’s allegations of fraud, stock manipulations, and much more. 

These allegations caused an impact of $150 billion for the conglomerate’s stock prices and also took him out of top 20 billionaires list in the world.

The conglomerate denied all allegations and worked towards making a comeback that involved reducing debt, consolidating the business, and the company clocked in record earnings in the 2023-24 fiscal year ended March 31, 2024.

According to the Bloomberg Billionaires Index, the top 10 richest people in the world currently are Bernard Arnault, Elon Musk, Jeff Bezos, Mark Zuckerberg, Larry Page, Bill Gates, Sergey Brin, Steve Ballmer, Warren Buffett, and Larry Ellison.