Gautam Adani Reclaims Title as Asia’s Richest Person

Gautam Adani Reclaims Title as Asia’s Richest Person

Gautam Adani, founder and chairman of the Adani Group, has once again become the wealthiest person in Asia, as per the latest update from Bloomberg Billionaires Index.

Adani had temporarily lost this position to Mukesh Ambani, Chairman of Reliance Industries, following allegations by Hindenburg Research, accusing the Adani Group of stock manipulation and accounting fraud. This led to a significant drop in the market value of Adani Group companies.

Gautam Adani Reclaims Title as Asia’s Richest Person Key Points: 

• Adani regained the top spot after the Indian supreme court declared that further inquiries beyond the ongoing investigation by market regulator Securities and Exchange Board of India (SEBI) were unnecessary.
• The Adani Group comprises 10 publicly listed companies, including Adani Port, which showed a 2.8% increase in Asia’s Friday afternoon trading session.
• The shares of Adani Group companies have been gradually recovering since the Hindenburg controversy.

As of Friday, Gautam Adani’s net worth was $97.6 billion, making him the 12th richest person globally. On the other hand, Mukesh Ambani held the 13th position with a wealth of $97 billion. Adani’s wealth has surged by $13.3 billion since the beginning of the year, while Ambani’s increased by $665 million year-to-date.

About Gautam Adani

• Gautam Shantilal Adani, born on June 24, 1962, is a super-rich business person from India. He’s the founder and head of the Adani Group, a big company that deals with developing and operating ports in India.
• As of January 2024, he’s not just the richest person in India but also in all of Asia, surpassing Mukesh Ambani. According to Bloomberg, his net worth is a whopping US$98 billion!
•  In January 2023, things got a bit tough for Adani when an American company called Hindenburg Research accused him of playing with the stock market and committing fraud. This led to a huge drop in Adani’s wealth—more than 50%!
• By October 2023, his estimated net worth was around US$54.2 billion, and he slipped down to the 23rd place on the Forbes Real Time Billionaires list. Despite these challenges, in 2022, Times Magazine recognized him as one of the 100 most influential people globally.

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