Billionaire gautam adani has eclipsed reliance Industries Limited Chairman mukesh ambani to become India's richest person, helped by a strong increase in his conglomerate, the adani Group's listed shares. On the Bloomberg Billionaires Index, gautam Adani's net worth is now $97.6 billion, slightly more than mukesh Ambani's $97 billion, placing him as the world's 12th richest person.

The news comes only one day after adani Group shares surged, boosting gautam Adani's net wealth by $7.67 billion. gautam Adani's wealth has increased by $13.3 billion year to date (YTD), the biggest among the world's top 100 billionaires. adani lost his title as India's wealthiest man to RIL chairman roughly a year ago, following a significant drop in the valuation of his ports-to-power enterprise caused by a damning analysis by US-based short seller Hindenburg Research.

Adani's net worth fell below $40 billion at one point last year as the group's total market value fell by $150 billion. However, the adani company experienced a remarkable rebound in the market value of its listed firms in the months that followed, aided by a series of initiatives implemented by the company, including debt reduction. GQG Partners, a US boutique investment firm, also made large investments.

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S Venkateshwari

05/01/2024 01:14 PM