Gautam Adani overtakes Mukesh Ambani to become India’s richest person

Now Gautam Adani is the Richest man in india, the Chairperson of the Adani Group, has surpassed Mukesh Ambani, Chairman of Reliance Industries, on the Bloomberg Billionaires Index (BBI), securing the position of India’s and Asia’s wealthiest individual.

Adani has ascended to the top 12 positions in the global rankings, while Ambani closely follows at the 13th spot. Both have experienced upward mobility since the previous year. In December 2023, the billionaire had attained the 15th position, coming in close proximity to Ambani, who held the 14th spot at that time.

Net Worth

With a net worth of $97.6 billion, the founder of the Adani Group now holds the 12th position among the world’s wealthiest individuals and stands as the richest man in India and Asia on the list. He has experienced a gain of $7.67 billion from the previous list and has accumulated $13.3 billion year-to-date (YTD). In the earlier part of the last year, Adani witnessed a decline in his net worth following the Hindenberg allegations, which caused him to slide down several spots on the ranking.

In January 2023, Hindenburg Research, a short seller based in New York, made allegations against the Adani Group, accusing them of extensive stock manipulation and accounting irregularities. The Adani Group vehemently denied these claims. Subsequent to these allegations, the stock prices of Adani Group companies experienced significant declines, leading to a remarkable decrease of nearly 60 percent in Adani’s wealth, plummeting by as much as $69 billion.

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Source of Wealth

The Adani Group, headquartered in Ahmedabad and headed by Gautam Adani, serves as a significant infrastructure conglomerate in India. It possesses the country’s largest private port and plays a prominent role in international coal trading. Adani Enterprises, the flagship entity of the group, reported revenues totaling $17 billion for the fiscal year ending on March 31, 2023.

The primary source of Gautam Adani’s wealth is derived from his ownership in six publicly traded companies associated with the conglomerate he founded, the Adani Group.

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 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).

Other Indians in Top50

Reliance Industries’ Ambani currently holds the 13th position on the wealth rankings, making him the second wealthiest individual in India and Asia, with a fortune of $97 billion. He has seen an increase of $764 million since the last update and has added $665 million to his wealth year-to-date (YTD).

Other notable Indians in the Bloomberg Billionaires Index (BBI) Top 50 include Shapoor Mistry, positioned at 38 with a wealth of $34.6 billion, and Shiv Nadar, securing the 45th spot with a fortune of $33 billion.