Gautam Adani regains title of Asia's richest person as net worth rises to USD 89.2 billion: Forbes
Mumbai, June 7
Billionaire industrialist Gautam Adani has once again become Asia's richest person after a sharp rise in his net worth driven by gains across listed Adani Group companies, according to a Forbes report.
Forbes reported that "Gautam Adani's fortune increased by roughly USD 2.5 billion on Friday as shares rallied across his Adani Group subsidiaries," helping him overtake Reliance Industries Chairman Mukesh Ambani to reclaim the top spot in Asia.
According to Forbes' Real-Time Billionaires List, Adani's net worth rose to USD 89.2 billion, placing him ahead of Ambani at USD 88 billion and SoftBank founder Masayoshi Son at USD 87 billion.
"Adani's net worth swelled to USD 89.2 billion, ranking him ahead of Ambani (USD 88 billion) and SoftBank's Masayoshi Son (USD 87 billion)," Forbes said in its report.
The surge in Adani's wealth came amid gains in several Adani Group stocks. Forbes noted that the rally included Adani Power, Adani Ports, Adani Enterprises, Adani Green Energy and Adani Energy Solutions.
"A boost to Adani's net worth followed a broader stock surge across companies under the umbrella of his Adani Group," the report said, adding that Adani Green Energy gained 6.9 per cent while Adani Energy Solutions rose 3.8 per cent.
Forbes further said Adani's wealth has increased significantly over the past month.
"His fortune has increased by nearly USD 10 billion since the Justice Department dismissed fraud charges against the Adani Group last month," the publication reported. Adani and his co-executives had denied the allegations, Forbes noted.
The report also highlighted the scale of the Adani Group's listed businesses, stating that the combined market value of six major Adani Group companies stood at about USD 191 billion as of Friday.
"About USD 191 billion. That's the combined market value across six Adani Group companies as of Friday," Forbes said.
Adani's return to the top position marks a significant comeback after a prolonged period of volatility following allegations made against the group in recent years.
According to Forbes, the recovery in the group's listed companies has helped restore Adani's standing among the world's wealthiest individuals, placing him once again at the top of Asia's rich list.
— ANI
Reader Comments
The stock market rally is great for investors, but I can't help feeling uneasy about the volatility around these allegations. One month fraud charges are dismissed, next month he's Asia's richest again. It's a roller coaster that affects thousands of retail investors. 💭
I'm happy for India Inc.'s success, but these numbers make me wonder about wealth inequality. With USD 89 billion, you could build thousands of schools or hospitals. The real test is how this wealth trickles down to the villages where people still lack basic amenities. 🙏
Adani vs Ambani is like the IPL of Indian business - everyone loves to watch, but who really benefits? The renewable energy push from Adani Green is commendable though. 6.9% gain in one day shows faith in India's green transition. ☀️
As a small investor, this volatility is scary. The dismissal of charges helped the stock rally, but what if new issues surface? Adani Group needs more transparency in corporate governance. Still, their work in ports and logistics is unmatched. ⚠️
Heartening to see an Indian entrepreneur at the top of Asia's rich list! But we need more focus on sustainable philanthropy. The Adani Foundation does good work in education and healthcare, but there's scope to do much more. Let's hope this wealth creates lasting social impact. 🌟
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.