Gautam Adani, Indian billionaire and founder of multinational conglomerate Adani Group, has reclaimed the title of Asia’s richest person, Hindustan Times reported.
Adani, 61, has dethroned Reliance Industries chairman Mukesh Ambani, 67, after a surge in stock price of the listed companies in his conglomerate, according to Bloomberg Billionaires Index.
According to the index, Adani now ranks as the world’s 11th richest person with a net worth of $111 billion, while Ambani now sits at the 12th rank with a net worth of $109 billion.
While Ambani is busy spending millions on his son Anant Ambani and Radhika Merchant’s pre-wedding events, the shares of all Adani Group companies surged on Friday by up to 14%.
So far in 2024, Adani’s net worth has jumped $26.8 billion while Ambani’s wealth has increased by $12.7 billion, according to Bloomberg Index.
In 2022, Adani became Asia’s richest man due to his personal wealth growth despite a decline in global economic growth.
However, in January 2023, his conglomerate was hit after a report by prominent short-seller Hindenburg Research.
The billionaire began his career in the diamond industry.
In 1988, he formed his own company which began as an import-export operation in the commodities sector and gradually expanded to other initiatives.
Last week, Adani in the annual reports of the group companies had expressed his optimism about the future of the group saying that its best days are ahead.
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