Gautam Adani Overtakes Mukesh Ambani As Asia's Richest Person Amid Adani Group Stocks' Surge
Asia's Richest Person:?Billionaire Gautam Adani has regained the title of Asia's richest person, overtaking Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Mr Adani, chairman of the Adani Group, ranks 11th on the index with a net worth of $111 billion, compared to Mr Ambani's $109 billion.
The significant rise in Adani Group stocks has played a key role in Mr Adani surpassing Mr Ambani. On Friday, shares of all Adani Group companies surged following a report by Jefferies, which highlighted the group's ambitious expansion plans, including $90 billion in capital expenditures over the next decade.
The market reacted positively, with Adani Group stocks adding up to ?1.23 lakh crore in investor wealth, bringing their total market capitalisation to ?17.94 lakh crore during the day. By the close of trading, the market capitalisation had settled at ?17.51 lakh crore, with an increase of ?84,064 crore in value.
READ ALSO:?Meet Priti Adani, The Woman Behind Adani's Philanthropy And Gautam Adani's Partner In Success
Gautam Adani Overtakes Mukesh Ambani As India's Richest Person
61-year-old Gautam Adani has reclaimed the title of being India's as well as AsiaĄ¯s richest person, with his net worth going past that of Reliance Industries chairman Mukesh Ambani.
Earlier this week, Gautam Adani expressed optimism about the future of the Adani Group, emphasising that the company's best days are ahead following a strong recovery from a dual assault by US short-seller Hindenburg. In the annual report, Mr Adani highlighted the challenges the group faced last year, noting that overcoming them has strengthened their resolve and drawn inspiration from India's resilience.
"The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," he said.
The Bloomberg Billionaires Index is a daily ranking of the world's wealthiest individuals, updated at the close of each trading day in New York.
Here is the latest ranking of the world's richest individuals according to their total net worth:
- Bernard Arnault - $207 billion
- Elon Musk - $203 billion
- Jeff Bezos - $199 billion
- Mark Zuckerberg - $166 billion
- Larry Page - $153 billion
- Bill Gates - $152 billion
- Sergey Brin - $145 billion
- Steve Ballmer - $144 billion
- Warren Buffett - $137 billion
- Larry Ellison - $132 billion
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