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In a significant shift in the wealth landscape of Asia, billionaire Gautam Adani has once again emerged as the richest person in the continent, surpassing Mukesh Ambani, the head of Reliance Industries. Adani’s rise to the top spot in Asia’s wealth hierarchy comes on the heels of a surge in stock prices across companies in his conglomerate, as reported by the Bloomberg Billionaires Index.
As per the latest rankings, Gautam Adani is now ranked 11th globally in terms of wealth, boasting a net worth of $111 billion. In contrast, Mukesh Ambani holds the 12th position with a net worth of $109 billion. This shift in rankings reflects the substantial growth and market value of Adani’s group of companies, which witnessed a surge in share prices of up to 14% on Friday.
The market capitalization of Adani Group’s 10 listed firms experienced a significant boost, adding ₹84,064 crore in market value and reaching ₹17.51 lakh crore at the close of trading on Friday. Adani’s resurgence as the richest Asian billionaire marks a remarkable turnaround from challenges faced in recent years.
In 2022, Adani briefly held the title of Asia’s richest man, but his conglomerate encountered setbacks following a report by Hindenburg Research alleging fraudulent practices. This led to a substantial drop in stock prices and Adani’s exclusion from the world’s top 20 billionaires. However, Adani vehemently denied the allegations and implemented strategic measures to restore confidence, including debt containment, reducing founder share pledges, and focusing on core business strengths.
In 2024 alone, Adani’s net worth surged by $26.8 billion, while Ambani’s wealth saw an increase of $12.7 billion, according to Bloomberg Index. Adani’s journey to immense wealth traces back to his early days in the diamond industry, culminating in the establishment of his own company in 1988, which evolved from a commodities import-export business to a diversified conglomerate.
The exponential growth of Adani’s wealth over the past decade, from around $5 billion in 2014 to a staggering $121 billion by the end of 2022, underscores his entrepreneurial prowess and strategic acumen. His recent optimism about the future of the Adani Group, as expressed in the group companies’ annual reports, reflects his confidence in continued success and growth opportunities.
As Gautam Adani cements his position as the wealthiest individual in Asia once again, the business world awaits further developments and milestones in his remarkable journey of wealth accumulation and business expansion.
Sources By Agencies
