Gautam Adani has reclaimed his status as the wealthiest individual in Asia, as per the latest figures from the Bloomberg Billionaires Index released on Friday. The founder and chairman of the Adani Group now boasts a net worth of $97.6 billion as of the most recent update.
This resurgence in Adani’s wealth comes after he overtook Mukesh Ambani, the Chairman of Reliance Industries, who had previously claimed the top spot following accusations of “brazen stock manipulation and accounting fraud” against the Adani Group by Hindenburg Research. The allegations led to a significant loss in market value for Adani Group companies, shaking investor confidence.
Adani’s return to the pinnacle in Asia coincided with the Indian supreme court’s declaration that no additional investigations were necessary beyond the ongoing scrutiny by the Securities and Exchange Board of India (SEBI). SEBI is actively investigating the conglomerate based on allegations made by Hindenburg Research in January of the previous year.
The Adani Group, comprising 10 publicly listed companies, including Adani Port, witnessed a 2.8% increase in its shares during Asia’s Friday afternoon trading session, gradually recovering from the setbacks triggered by the Hindenburg debacle.
As of the latest update, Adani holds a net worth of $97.6 billion, securing the 12th position among the world’s wealthiest individuals. In comparison, Ambani’s wealth stands at $97 billion, placing him in the 13th spot on the Bloomberg Billionaires Index.
Adani’s wealth has experienced a notable surge of $13.3 billion since the start of the year, while Ambani’s fortunes have seen a more modest increase of $665 million year-to-date.