Indian billionaire Gautam Adani has got again the title of Asia’s richest person after five months, overtaking Reliance Industries Chairman Mukesh Ambani, according to the Bloomberg Billionaires Index.
As of Saturday evening, Adani held the 11th rank on the index with an estimated net worth of $111 billion, compared to Ambani’s $109 billion at 12th spot.
Adani added $5.45 billion to his net worth on the day while Ambani saw a relatively modest gain of $76.2 million. The past year has seen some significant wealth generation for both tycoons Adani has added $26.8 billion to his net worth in 2022 so far, and Ambani has gained $12.7 billion.
Ambani had first surpassed Adani back in late January following a major crash in Adani Group stock valuations. At the time, U.S. based short-seller Hindenburg Research had published a report accusing the conglomerate of accounting fraud and stock manipulation.
Supreme Court has since ordered Indian market regulator SEBI to wrap up its investigation into the allegations and stated no further probes are necessary.
Boosted by this positive development, shares of all major Adani Group companies rallied last week. According to media reports, a research note from investment bank Jefferies highlighting the group’s bold expansion plans over the next decade also buoyed investor sentiment.
On Wednesday alone, Adani companies added a total of ₹1.23 lakh core to their market capitalization, ending the day at ₹17.94 lakh crore before settling at ₹17.51 lakh by closing.
This rebound in valuation marks a turnaround from the steep selloffs triggered by the Hindenburg report in January. At one point, Adani lost his spot as the world’s third richest man and saw his net worth plunge 34% almost overnight.
Now, he appears to have largely rebounded from the controversy. “The Adani Group today is stronger than it has ever been,” he told reporters last week.
Adani vs Ambani – Battle for Asia’s Richest Person
| Date | Asia’s Richest Person | Net Worth |
|---|---|---|
| Jan 2022 | Gautam Adani | $120 billion |
| Late Jan 2023 | Mukesh Ambani | $84 billion |
| May 31, 2023 | Gautam Adani | $111 billion |
| June 3, 2023 | Gautam Adani | $111 billion |
Globally, French luxury mogul Bernard Arnault currently holds the top spot on the Bloomberg index with an estimated $207 billion fortune. He remains ahead of American billionaires Elon Musk at $203 billion and Jeff Bezos at $199 billion.
Rounding out the top 10 richest in the world are tech titans Mark Zuckerberg, Larry Page, Bill Gates, Sergey Brin, Steve Ballmer, Warren Buffett and Larry Ellison.
Both Adani and Ambani have spent 2022 hugely expanding their business empires in India across sectors like green energy, telecom, retail and infrastructure. Their intense rivalry has fascinated media and market watchers even as it continues to intensify.
Adani’s companies bouncing back post-Hindenburg, he may have regained a slight edge for now. But given how much remains at stake for both tycoons’ ambitions in India and abroad, this wealth duel looks set to deliver more surprises this year.