New Delhi: In a major shift at the top of Asia’s wealth rankings, Gautam Adani has overtaken Mukesh Ambani to become the region’s richest person, as global shocks linked to the Iran conflict hammer oil-linked businesses.
Data from the Bloomberg Billionaires Index shows Ambani’s net worth has dropped by $16.9 billion this year to $90.8 billion — the steepest fall among Asia’s richest. In contrast, Adani’s wealth has risen by $8.1 billion to $92.6 billion, marking a sharp reversal after years of turbulence.
The decline has been driven by pressure on Reliance Industries, where petrochemicals still generate over half the revenue. Rising crude prices, high freight costs and geopolitical tensions have squeezed margins, pushing the company’s shares down 14 per cent this year.
Adani’s rise comes despite a storm of past allegations. In 2023, US-based Hindenburg Research accused the Adani Group of stock manipulation, money laundering and accounting fraud, triggering a massive erosion of market value. The group denied all charges, but the fallout hit both share prices and Adani’s personal wealth.
The pressure intensified again in November 2024, when US prosecutors charged Adani and his nephew Sagar Adani with securities fraud, alleging they orchestrated bribes worth hundreds of millions of dollars to secure renewable energy contracts and failed to disclose the scheme during a 2021 bond offering. Both have denied wrongdoing.
Despite these shocks, Adani Group stocks have rebounded, supported by debt reduction and strong domestic earnings. With diversified businesses outperforming and Ambani’s oil exposure under strain, Adani has now reclaimed the top spot in Asia’s high-stakes wealth race.