Gautam Adani overtakes Mukesh Ambani as India's richest man, both climb spots on world rich list

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Gautam Adani, Chairperson of the Adani Group of companies has overtaken Reliance Industries Chairman Mukesh Ambani on the Bloomberg Billionaire's Index (BBI), to become India's and Asia's richest man. While Adani has seen his worth climb into the top 12 on the world rankings, Ambani is just one rung below at 13. Both have moved up spots since last year.

Earlier in December 2023, the billionaire had climbed to the 15th spot, reaching within close distance of Ambani who was then at 14. With a net worth of $97.6 billion, the Adani Group founder is now the world's 12th richest person and the richest Indian and Asian on the list. He has gained $7.67 billion from the last list position and amassed $13.3 billion year-to-date (YTD).

Earlier last year, Adani saw his net worth slide many spots amid the Hindenberg allegations. In January 2023, Hindenburg Research, a New York-based short seller, accused the Adani Group of prolonged stock manipulation and accounting irregularities. These claims were refuted by the Adani Group.

After these allegations, declines in the stock prices of Adani Group companies resulted in a staggering decrease of almost 60 percent in Adani's fortune, plummeting by up to $69 billion. Ahmedabad's Adani Group, led by Gautam Adani, stands as a key infrastructure conglomerate in India. It owns the nation's largest private port and has a prominent role in global coal trading.

Adani Enterprises, the flagship company within the group, disclosed revenues amounting to $17 billion for the fiscal year concluding on March 31, 2023. Gautam Adani's wealth primarily stems from his ownership in six publicly traded companies affiliated with the Adani Group, the conglomerate he established. As per the BBI, Adani's companies