Gautam Adani reclaims title as Asia's richest person

Gautam Adani, the chairman of the Adani Group, has reclaimed the title of Asia's richest person, overtaking Mukesh Ambani of Reliance Industries.

According to the Bloomberg Billionaires Index, Adani's net worth now stands at $111 billion, placing him 11th on the global list. In contrast, Ambani's net worth is $109 billion.

The surge in Adani's wealth is primarily attributed to the recent significant rise in Adani Group's stock prices. On Friday, shares of all Adani Group companies experienced a substantial boost following a positive report by Jefferies. The report highlighted the group's ambitious expansion plans, which include $90 billion in capital expenditures over the next decade.

The market responded favorably to these developments, with Adani Group stocks adding approximately ₹1.23 lakh crore to investor wealth. The group's total market capitalisation peaked at ₹17.94 lakh crore intraday before settling at ₹17.51 lakh crore by the close of trading, marking an addition of ₹84,064 crore in value.

Earlier in the week, Gautam Adani expressed a positive outlook for the future of the Adani Group. In the company's annual report, he emphasized that the best days are ahead, following a strong recovery from challenges posed by US short-seller Hindenburg. Adani noted that overcoming these obstacles has fortified the group's resolve and drawn inspiration from India's resilience.

"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," Adani stated, reflecting on the group's growth and future potential.

The Bloomberg Billionaires Index, which updates daily at the close of trading in New York, ranks the world's wealthiest individuals.