Gautam Adani overtakes Mukesh Ambani to become Asia’s richest person again with net worth of $111 bn on Bloomberg Index

Billionaire Gautam Adani has once again overtaken Mukesh Ambani, the chairman of Reliance Industries to become Asia's richest individual on Bloomberg Billionaires Index. Adani Group chairman currently ranks 11th on the index with a net worth of $111 billion, surpassing Ambani's $109 billion.

According to the Bloomberg Billionaires Index, Bernard Arnault is currently the wealthiest person in the world with a net worth of $207 billion. He is followed by Elon Musk, who has a total wealth of $203 billion, and Jeff Bezos, with $199 billion.

Also read: 10 Adani Group stocks soar up to 10%, Adani Power hits new all-time high; check others

One of the key driving factors behind this is the surge in Adani stocks. On Friday, shares of all Adani Group companies surged after a Jefferies report spotlighted the group's ambitious expansion plans, including $90 billion in capital expenditures over the next decade.

The market responded favorably, leading to an increase of ₹1.23 lakh crore in investor wealth for Adani Group stocks, raising their total market capitalization to ₹17.94 lakh crore during intraday trading. By the end of the trading session, the market capitalization had settled at ₹17.51 lakh crore, reflecting an addition of ₹84,064 crore in value.

The year 2023 was particularly challenging for the Adani Group following a Supreme Court order to investigate the allegations detailed in the Hindenburg report. Previously the third richest person globally, Adani's ranking plummeted as the group's shares experienced a significant sell-off.

Also read: Mukesh Ambani's Jio Infocomm may see public listing first, says report

Subsequently, the Supreme Court directed the Securities and Exchange Board of India (Sebi) to finalize its investigation into the Adani Group, stating that no further probes were necessary. Sebi reported that it was unable to reach a definitive conclusion in its investigation.

Last week, Adani shared his optimistic outlook for the future of the group, stating that its best days are yet to come. “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,” Adani was quoted as saying by NDTV.