Gautam Adani back on top: Billionaire reclaims Asia’s richest title from Mukesh Ambani

Indian billionaire Gautam Adani has overtaken Mukesh Ambani to become Asia’s richest person, as a consistent rally in shares of his ports-to-energy conglomerate boosted his net worth.

Adani’s fortune rose to $92.6 billion, surpassing Ambani’s $90.8 billion, according to the Bloomberg Billionaires Index, which tracks the world’s 500 richest individuals.

The Adani Group founder, currently ranked 19th globally, controls India’s largest private seaport network, is the country’s biggest renewable energy producer and private airport operator, and is among the world’s largest coal traders.

Adani and Ambani are the only Indians in the global top 50.

Ambani had held the title of India’s richest person for over a decade before Adani first surged ahead in 2022, driven by sharp gains in group company shares.

However, Adani lost the top spot after a damning report by US-based short seller Hindenburg triggered a rout in group stocks, wiping out about $100 billion in market value at its lowest point.

Recent gains in Adani Group stocks have helped him reclaim the lead.

Shares of flagship Adani Enterprises rose over 2% on Thursday, supported by investor optimism around growth in its copper, roads and renewable energy businesses, following a positive note from Jefferies.

Jefferies said renewable energy was emerging as a key growth driver, aided by energy security trends, and flagged expected earnings gains from the group’s solar expansion at Mundra.

The Adani Group has expanded rapidly across sectors including transport, energy, airports, mining, cement, data centres and digital services, making Adani one of India’s most prominent first-generation entrepreneurs to build a business empire exceeding $200 billion in market capitalisation.

Tesla CEO Elon Musk remains the world’s richest person with a net worth of $656 billion, followed by Larry Page and Jeff Bezos, according to the index.