Mukesh Ambani reclaims richest Indian tag: Surpasses Gautam Adani

• Image Credit: Internet

• Jun 3, 2022 | Guriya Khatun

Adani and Ambani have been trading places for the top rank in the billionaire index over the last few months. 

Digital Desk: The chairman
and managing director of Reliance Industries Limited (RIL), Mukesh Ambani, has regained
the richest Asian tag, eclipsing fellow countryman Gautam Adani, according
to the latest ranking by the Bloomberg Billionaires Index.

According to Bloomberg's list of the world's wealthiest
people, the Adani Group chairman's fortune has suffered a knock after a
considerable deterioration in the valuation of his group enterprises' shares
over the last few weeks, bringing his net worth down to $98.7 billion.

Ambani is ranked eighth on this coveted list, while Adani
has slid to ninth place from fourth just a few weeks ago.

Meanwhile, the top four places remained unchanged, with
Tesla CEO Elon Musk sitting atop the list with a net worth of $227 billion,
followed by Amazon CEO Jeff Bezos ($149 billion), LVMH CEO Bernard Arnault
($138 billion), and Microsoft co-founder Bill Gates ($124 billion). Warren
Buffett, the legendary investor, is ranked fifth with a net worth of $114
billion. 

Notably, Adani climbed to fourth place on the Bloomberg
list in late April, tied with Gates. The Adani Group's 59-year-old founder is
in charge of businesses ranging from ports and aerospace to thermal energy and
coal.

Adani and
Ambani have been trading places for the top rank in the billionaire index over
the last few months.

Ambani, who is currently the richest Asian, owns Reliance
Industries, which owns the world's largest oil refining complex. His other
ventures include a nationwide 4G wireless network in India.

It may be mentioned that even this week, several Adani
group shares have taken a beating as investors modified their holdings to
reflect changes in the MSCI India Index's composition and weighings.