Ambani is just one spot down at number thirteen, while Adani has seen his fortune rise into the top 12 on the global rankings.
Digital Desk: The chairman of the Adani Group of Companies, Gautam Adani, has surpassed Mukesh Ambani of Reliance Industries on the Bloomberg Billionaire's Index (BBI) to take the title of richest man in both Asia and India.
Ambani is just one spot down at number thirteen, while Adani has seen his fortune rise into the top 12 on the global rankings. Since last year, both have risen in the rankings.
The billionaire surpassed Ambani, who was ranked 14 at the time, by moving up to the 15th position earlier in December 2023.
Net Worth
The founder of the Adani Group is currently the wealthiest Asian and Indian, ranking 12th in the world with a net worth of $97.6 billion. He has accumulated $13.3 billion year-to-date (YTD) and gained $7.67 billion from the last list place. Due to the Hindenberg accusations, Adani's net worth dropped significantly earlier in the year.
The Adani Group was accused by New York-based short seller Hindenburg Research in January 2023 of sustained stock manipulation and violations in its bookkeeping. The Adani Group denied these allegations. Following these accusations, the stock prices of the Adani Group firms fell, causing Adani's fortune to drop by as much as $69 billion, or about 60%.
Source of Wealth
Gautam Adani's Adani Group, based in Ahmedabad, is one of India's leading infrastructure conglomerates. It is a major player in the international coal trade and owns the biggest private port in the country. The group's biggest business, Adani Enterprises, reported $17 billion in revenue for the fiscal year that ended on March 31, 2023.
The main source of Gautam Adani's fortune is his ownership of six publicly traded businesses connected to the conglomerate he founded, the Adani Group.
Other Indians in the Top 50
With a wealth of $97 billion, RIL's Ambani is currently ranked 13th in terms of richest man in Asia and India. In the past year, he has increased his wealth by $665 million and gained $764 million.
The final two Indians on the BBI Top 50 are Shiv Nadar, at number forty-five with $33 billion, and Shapoor Mistry, at number eighteen, with $34.6 billion.
The publicly traded companies Adani Enterprises (73 percent); Adani Green Energy (56 percent); Adani Ports (66 percent); Adani Power (70 percent); Adani Transmission (68 percent); Adani Energy Solutions (73 percent); and Adani Total Gas (37 percent) are among Adani's companies and stakes (via promoter group and through the Adani family trust), according to the BBI.
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