According to the Bloomberg Billionaires Index, billionaire Gautam Adani has once again surpassed Mukesh Ambani, the head of Reliance Industries, to become the richest person in Asia. This achievement comes after a surge in the stock prices of the companies in Adani’s conglomerate. With a net worth of $111 billion, Adani is now ranked as the 11th richest person in the world, while Ambani holds the 12th position with a net worth of $109 billion.
Adani Group Companies Experience Surge in Stock Prices
On Friday, the shares of all Adani Group companies experienced a significant surge, with increases of up to 14%. This surge, coupled with an addition of ₹84,064 crore in market value, resulted in the market capitalisation of the 10 listed Adani Group firms reaching ₹17.51 lakh crore by the end of trading on Friday.
Adani’s Journey and Recent Challenges
Gautam Adani, a 61-year-old billionaire, began his career in the diamond industry and established his own company in 1988. Initially starting as an import-export operation in the commodities sector, Adani gradually expanded his business into other sectors.
Over the last decade, Adani’s wealth has experienced significant growth, rising from around $5 billion in 2014 to a staggering $121 billion at the end of 2022. In September 2022, he briefly held the title of the world’s second-richest person. However, in January 2023, Adani’s conglomerate faced challenges when a report by prominent short-seller Hindenburg Research alleged fraud within his business empire. This report led to a sharp decline in the stock prices of Adani’s group, resulting in a loss of $150 billion in market value and causing him to drop out of the top 20 billionaires in the world.
Despite these challenges, Adani denied all allegations and implemented a comeback strategy. This strategy included addressing debt, reducing founder share pledges, and consolidating business in core competencies.
Adani’s Recent Financial Performance
In 2024, Adani’s net worth has seen a significant increase of $26.8 billion, while Ambani’s wealth has grown by $12.7 billion, according to the Bloomberg Index.
Adani’s Optimism for the Future
In the annual reports of the Adani Group companies, Gautam Adani expressed his optimism about the future of the group. He stated that the group’s best days are ahead and that the Adani Group is currently stronger than ever.
