Gautam Adani Reclaims Top Spot as Asia's Richest

Gautam Adani has overtaken Mukesh Ambani as Asia's richest person. The surge in stock prices of Adani's companies bolstered his net worth to USD 111 billion, placing him 11th in the global rankings. Adani's revival comes after overcoming a damning report by Hindenburg Research earlier this year.

PTI | New Delhi | Updated: 02-06-2024 11:05 IST | Created: 02-06-2024 11:05 IST
Gautam Adani Reclaims Top Spot as Asia's Richest
Gautam Adani
  • Country:
  • India

Gautam Adani has reclaimed his position as Asia's richest individual, surpassing Mukesh Ambani, following a significant rise in the stock prices of his diverse business empire. The surge boosted Adani's net worth to USD 111 billion, making him the world's 11th richest person, while Ambani trails at USD 109 billion, ranked 12th globally, according to the Bloomberg Billionaires Index.

The jump was driven by US brokerage Jefferies' optimistic outlook on Adani's conglomerate, which is embarking on an ambitious USD 90 billion expansion plan over the next decade. On Friday, shares of Adani Group companies saw up to a 14% increase, pushing the market value of the 10 listed entities to Rs 17.51 lakh crore.

Adani's resurgence follows a damaging report by Hindenburg Research, which alleged fraud within his business empire, sending stock prices crashing and forcing Adani out of the world's top 20 billionaires. However, the group has since implemented a successful comeback strategy, focusing on debt reduction and strengthening core business areas, leading to record earnings for the fiscal year ending March 31.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback