Adani races past Ambani to become richest man in India and Asia

The billionaire clinched the 12th spot on the Bloomberg global billionaires index, while Reliance Industries chairman Mukesh Ambani is now one spot below the 13th spot. Both have climbed up the ranking order as Adani was in the 15th position, while Ambani was ahead in the 14th slot.

With a net worth of $97.6 billion, the Adani Group founder is now the world's 12th richest person. He has gained $7.67 billion from the time he was in the 15th position on the list and amassed $13.3 billion year-to-date (YTD). Ambani's network is $97 billion.

SC ruling in Adani's favour

This news comes in the wake of the Supreme Court ruling in Adani's favour dismissing the need for an SIT investigation into allegations raised by New York-based activist firm Hindenburg Research.

The SC directed markets regulator SEBI to conclude its investigation into the Adani group within three months and said no more probes were required. SEC+BI has already probed 22 out of the 24 allegations against the Adani Group. The billionaire cheered the verdict saying that “truth” had prevailed.

When Adani net worth dropped

When Hindenburg research released its report in January 2023 accusing Adani Group of corporate and financial fraud, Adani had lost over 34 per cent of his net worth.

But after the SC verdict, the shares of Adani’s listed companies surged by as much as 11.5 per cent, adding another $5 billion to his considerable fortune. Today, the Adani Group chairman has recovered his wealth boasting a total net worth of $97.6 billion, while Ambani who is just below him in the list holds a net worth of $97 billion.

Biggest wealth gainer

This makes Adani the biggest wealth gainer in India this fiscal year, according to news reports.

For his net worth grew by $7.7 billion in over a day, while his overall wealth grew by $13.3 billion, becoming the biggest net worth gainer in the world. Ambani is in the second spot, adding $10 billion to his net worth this year.

Earlier, Savitri Jindal of Jindal Steel was the top wealth gainer, but she was dislodged by Mukesh Ambani.

The Adani group

Ahmedabad's Adani Group, led by Gautam Adani, stands as a major infrastructure conglomerate in India. It owns the nation's largest private port and is prominently involved in global coal trading as well.

Adani Enterprises, the flagship company within the group, disclosed revenues amounting to $17 billion for the fiscal year concluding on March 31, 2023.