Gautam Adani overtakes Mukesh Ambani to become richest person in Asia

Gautam Adani, the Founder and Chairman of the Adani Group, has surpassed Mukesh Ambani, Chairman of Reliance Industries, as the richest person in Asia, as per a report by Bloomberg Billionaires Index. As of June 2, in the Bloomberg Billionaires Index’s list of top 50 richest people in the world, Gautam Adani stands at number 11 with a net worth of $111 billion (Rs30.9 trillion), while Mukesh Ambani is at number 12 with a net worth of $109 billion (Rs30.3 trillion).

Ambani had overtaken Adani on the list as Adani Group’s valuation dipped after the 2023 Hindenburg report, which alleged that the Adani Group was involved in accounting fraud and transactions, and manipulating the stock market. However, Adani has now surpassed Ambani again on the Asia’s and world’s richest people’s list again.

This happened as the Adani Group’s shares rose by 14 per cent on May 31st. The reason: Jefferies reported that the Adani Group plans to expand aggressively, which includes a capital expenditure of $90 billion in the next 10 years.