Gautam Adani Reclaims Asia’s Richest Person Title

New Delhi: 

Billionaire Gautam Adani has reclaimed the title of Asia’s richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Mr Adani, the chairman of Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Mr Ambani’s $109 billion.

The significant rise in Adani Group stocks has been a key factor in Mr Adani’s overtaking of Mr Ambani. On Friday, shares of all Adani Group companies surged following a report by Jefferies highlighting the group’s aggressive expansion plans, including $90 billion in capital expenditures over the next decade.

The market reacted positively, with Adani Group stocks adding up to ₹ 1.23 lakh crore in investor wealth, bringing their total market capitalisation to ₹ 17.94 lakh crore intraday. By the close of trading, the market capitalisation had settled at ₹ 17.51 lakh crore, with an addition of ₹ 84,064 crore in value.

Earlier this week, Gautam Adani expressed optimism about the future of the Adani Group, emphasising that the company’s best days are ahead following a robust recovery from a dual assault by US short-seller Hindenburg. In the annual report, Mr Adani highlighted the challenges the group faced last year, noting that overcoming them has strengthened their resolve and drawn inspiration from India’s resilience.

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“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,” he said.

The Bloomberg Billionaires Index is a daily ranking of the world’s wealthiest individuals, updated at the close of each trading day in New York.