Gautam Adani, Chairperson of the Adani Group of firms has overtaken Reliance Industries Chairman Mukesh Ambani on the Bloomberg Billionaire’s Index (BBI), to turn out to be India’s and Asia’s richest man.

While Adani has seen his price climb into the highest 12 on the world rankings, Ambani is only one rung under at 13. Both have moved up spots since final 12 months.

Earlier in December 2023, the billionaire had climbed to the fifteenth spot, reaching inside shut distance of Ambani who was then at 14.

Net Worth

With a internet price of $97.6 billion, the Adani Group founder is now the world’s twelfth richest individual and the richest Indian and Asian on the listing. He has gained $7.67 billion from the final listing place and amassed $13.3 billion year-to-date (YTD). Earlier final 12 months, Adani noticed his internet price slide many spots amid the Hindenberg allegations.

In January 2023, Hindenburg Research, a New York-based quick vendor, accused the Adani Group of extended inventory manipulation and accounting irregularities. These claims have been refuted by the Adani Group. After these allegations, declines within the inventory costs of Adani Group firms resulted in a staggering lower of virtually 60 % in Adani’s fortune, plummeting by as much as $69 billion.

Source of Wealth

Ahmedabad’s Adani Group, led by Gautam Adani, stands as a key infrastructure conglomerate in India. It owns the nation’s largest personal port and has a distinguished position in international coal buying and selling. Adani Enterprises, the flagship firm inside the group, disclosed revenues amounting to $17 billion for the fiscal 12 months concluding on March 31, 2023.

Gautam Adani’s wealth primarily stems from his possession in six publicly traded firms affiliated with the Adani Group, the conglomerate he established.

As per the BBI, Adani’s firms and stakes (by way of promoter group and thru the Adani household belief) embrace the publicly traded firms — Adani Enterprises (73 %); Adani Green Energy (56 %); Adani Ports (66 %); Adani Power (70 %); Adani Transmission (68 %); Adani Energy Solutions (73 %), and Adani Total Gas (37 %).

Other Indians in Top50

RIL’s Ambani is now India and Asia’s second richest man on the thirteenth spot with a wealth of $97 billion. He has gained $764 million for the reason that final change and added $665 million to his wealth YTD.

Rounding up the opposite Indians within the BBI Top 50 are Shapoor Mistry with $34.6 billion at 38, and Shiv Nadar with $33 billion on the forty fifth spot.