Gautam Adani Reclaims Title as Asia's Wealthiest Individual, Surpasses Mukesh Ambani with $111 Billion Net Worth.

Published on 02 June 2024, by Alankrita Mukherjee | Delhi, India 

Billionaire Gautam Adani has once again ascended to the position of Asia's richest person, surpassing Mukesh Ambani, the chairman of Reliance Industries, as per the latest Bloomberg Billionaires Index. As of 6 PM on Saturday, Adani, who chairs the Adani Group, has a net worth of $111 billion, securing the 11th spot on the global list. In comparison, Ambani's net worth stands at $109 billion.

A significant factor behind Adani's rise has been the substantial increase in Adani Group's stock values. On Friday, shares of all Adani Group companies soared following an optimistic report by Jefferies. The report underscored the group's ambitious expansion plans, which include $90 billion in capital expenditures over the next decade.

Investor confidence surged, leading to a remarkable increase in the market value of Adani Group stocks by ₹1.23 lakh crore, bringing their total market capitalisation to ₹17.94 lakh crore during intraday trading. By the end of the trading session, the market capitalisation had stabilised at ₹17.51 lakh crore, with an additional ₹84,064 crore in value.

The year 2023 had been particularly challenging for the Adani Group after the Supreme Court mandated an investigation into the allegations made in the Hindenburg report. Adani, who was previously the world's third richest person, experienced a significant drop in rankings due to a sharp sell-off in the group's shares.

Nevertheless, the Supreme Court later directed the Securities and Exchange Board of India (SEBI) to complete its investigation into the Adani Group, concluding that no further probes were necessary. SEBI indicated that it had not reached any definitive outcome in its investigation.

Recently, Adani expressed strong optimism about the future prospects of his group. He stated, "The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," as reported by NDTV.

The Bloomberg Billionaires Index currently lists Bernard Arnault as the world's richest individual, with a net worth of $207 billion. He is followed by Elon Musk and Jeff Bezos, whose fortunes are valued at $203 billion and $199 billion, respectively.