Gautam Adani Overtakes Mukesh Ambani as Asia’s Richest

Gautam Adani has once again become the richest person in Asia, overtaking Mukesh Ambani. Adani’s net worth has reached $111 billion, making him the 11th richest person in the world, while Ambani’s $109 billion places him at 12th, according to the Bloomberg Billionaires Index.

The surge in Adani Group’s stock prices, with shares rising up to 14%, boosted Adani’s wealth. This growth was driven by a positive outlook from U.S. brokerage Jefferies, which highlighted Adani Group’s $90 billion capital expenditure plan over the next decade.

On Friday, the market value of Adani’s 10 listed companies increased by ₹84,064 crore, bringing the total to ₹17.51 lakh crore. This helped Adani, a first-generation entrepreneur, surpass Ambani, who is currently celebrating his youngest son’s pre-wedding in Europe.

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Adani first became Asia’s richest man in 2022 but faced a setback in January 2023 after a report by Hindenburg Research accused his business empire of fraud, leading to a significant drop in stock prices. Adani Group denied the allegations and implemented a recovery strategy, which has now restored Adani’s top position.

Adani’s net worth has grown by $26.8 billion in 2024, compared to a $12.7 billion increase for Ambani. Adani, who started in the diamond industry and later founded his own company in 1988, has seen his wealth soar from $5 billion in 2014 to $121 billion at the end of 2022.

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Adani recently expressed optimism about the future, stating, “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.”

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