Adani topples Ambani as Asia's richest, with net worth of $88.5 billion

Gautam Adani has toppled Mukesh Ambani as the richest person in Asia, with a net worth of $88.5 billion, as per Bloomberg Billionaires Index on Monday.

The 59-year-old Adani Group boss’ personal fortune has zoomed about $12 billion since the start of 2022, and he has become the world’s biggest wealth-gainer this year. 

At the same time, Reliance chairman Ambani’s wealth since January 2022 has dropped by around $2.07 billion.

Also see: Adani and Ambani richer than Mark Zuckerberg, says Forbes

The rising share prices of Adani Group’s various entities have catapulted Adani to the ranks of the world’s richest people.

Stocks of Adani Green Energy and Adani Total Gas have risen over 1,000 per cent since the start of 2020, while Adani Enterprises has rallied over 730 per cent and Adani Transmission over 500 per cent in the same period.

Besides, Adani Group’s FMCG arm Adani Wilmar will debut on the Indian bourses on February 8, and the issue price is set at ₹230/share.

Also read: Mukesh Ambani is planning leadership changes

Currently, the ports-to-energy conglomerate has ownership of 12 ports and pegs on becoming the world’s biggest ports operator by 2030 and will expand its green energy capacity almost eight times by 2025.

International companies like Total and Warburg Pincus have invested in Adani’s companies. In only 3 years, Adani has taken control of seven airports. The group also owns India’s largest airport operator, power generator and city gas retailer in the non-state sector, stated a Bloomberg report.

“The Adani Group has spotted and entered all the happening sectors at the right time, which has appealed to a select band of foreign portfolio investors,” Deepak Jasani, head of retail research at Mumbai-based brokerage HDFC Securities Ltd, told Bloomberg. “The sectors are capital-intensive and the company has faced little difficulty in raising funds to expand.”