Gautam Adani surpasses Mukesh Ambani as India’s richest man

Days after India’s apex court granted a virtual clean chit to Gautam Adani over charges of market manipulation and accounting irregularities, the businessman has increased his wealth share to become the richest Indian and the richest Asian, as per the Bloomberg’s Billionaire Index (BBI).

Gautam Adani, chairperson of the Adani Group of companies overtook Reliance Industries Chairman Mukesh Ambani on the BBI. The former currently ranks 12 globally on the index while the later ranks 13.

Adani, as per the BBI, has a net worth of $97.6bn, gaining $7.67bn from the last list position and amassed $13.3bn year-to-date (YTD), becoming the biggest wealth gainer in the world in 2023.

Gautam Adani is back to being Asia’s wealthiest person days after India’s top court said no new probes were needed into Hindenburg Research’s bombshell allegations against the tycoon’s conglomerate https://t.co/ddOXjViakY

— Bloomberg (@business) January 5, 2024

As per the BBI, Adani’s companies and stakes (via promoter group and through the Adani family trust) include the publicly traded companies – Adani Enterprises (73 per cent); Adani Green Energy (56 per cent); Adani Ports (66 per cent); Adani Power (70 per cent); Adani Transmission (68 per cent); Adani Energy Solutions (73 per cent), and Adani Total Gas (37 per cent).

Adani leaves behind Hindenburg allegations

Earlier last year, Adani saw his net worth slide after the Hindenberg allegations. Adani had seen his net worth drop by 34 per cent over charges made by the US short-seller Hindenburg Research which alleged the Adani Group manipulated stocks and conducted wide-scale financial fraud.

Bloomberg Billionaire’s Index

Meanwhile, Tesla-founder Elon Musk has retained the top position as the richest person in the world. Musk’s current net worth is $220bn, followed by Amazon’s Jeff Bezos with a net worth of $169bn.

Bernard Arnault, chairman and CEO of LVMH, secured the third position with a net worth of $168bn.

Bill Gates came in fourth at $138bn, Steve Ballmer at $128bn and Mark Zuckerberg at $126bn.