News Mania Desk/Agnibeena Ghosh/3rd June 2024
Billionaire Gautam Adani has reclaimed the title of Asia’s richest person, surpassing Reliance Industries Chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of Saturday evening, Adani, the chairman of Adani Group, boasts a net worth of $111 billion, placing him 11th on the global list, just ahead of Ambani who stands at $109 billion.
Adani’s resurgence to the top comes after a period of significant financial growth. Over the past year, Adani added $26.8 billion to his net worth, while Ambani saw a gain of $12.7 billion. This shift follows a tumultuous period for the Adani Group, which faced severe valuation drops after the Hindenburg report in January 2023. The report accused the conglomerate of accounting fraud, stock market manipulation, and fraudulent transactions, causing Adani’s net worth to plummet by 34%.
Despite these challenges, Adani Group stocks recently experienced a dramatic rally. On May 31, shares of all Adani Group companies surged by 14% following a report from Jefferies highlighting the group’s aggressive expansion plans, including $90 billion in capital expenditures over the next decade. This surge added approximately Rs 1.23 lakh crore to investor wealth, bringing the group’s total market capitalization to Rs 17.94 lakh crore intraday, before settling at Rs 17.51 lakh crore.
The Supreme Court of India’s intervention also played a crucial role in Adani’s comeback. The Court ordered the Securities and Exchange Board of India (SEBI) to complete its investigation into the Hindenburg allegations, while ruling out the need for further probes. This decision helped stabilize investor confidence and facilitated the recovery of Adani Group stocks.
Adani expressed optimism about the group’s future, stating, “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.” His confidence is reflected in the group’s robust expansion plans and the recent stock performance.
Globally, Bernard Arnault, chairman of LVMH, holds the top spot on the Bloomberg Billionaires Index with a net worth of $207 billion. He is followed by Elon Musk at $203 billion and Jeff Bezos at $199 billion. The list of the world’s richest individuals also includes Mark Zuckerberg, Larry Page, Bill Gates, Sergey Brin, Steve Ballmer, Warren Buffett, and Larry Ellison, highlighting the dominance of tech moguls in global wealth rankings.
Adani’s journey back to the pinnacle of wealth in Asia underscores his resilience and the strategic acumen driving the Adani Group’s growth. As the conglomerate continues to expand and diversify, its influence on the global economic landscape is set to increase.
