Tuesday, February 27, 2024

Adani Group founder Gautam Adani is once again Asia’s richest person

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Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022.

Indranil Mukherjee | Afp | Getty Images

Gautam Adani is the richest person in Asia again, according to Bloomberg Billionaires Index’s updated figures Friday. 

The founder and chairman of the Adani Group regained pole position in Asia after dethroning Reliance Industries Chairman Mukesh Ambani, who took the top spot after Hindenburg Research accused the Adani Group of “brazen stock manipulation and accounting fraud” over decades.

The report eroded investor confidence and wiped out billions in market value for Adani Group companies.

Adani’s victory came just days after the Indian supreme court announced that no further inquiries were needed beyond the ongoing scrutiny by market regulator Securities and Exchange Board of India (SEBI), which is currently investigating the conglomerate following allegations made by Hindenburg Research last January.

The Adani Group has 10 publicly listed companies, including Adani Port which was 2.8% higher on Asia’s Friday afternoon trading session. Shares of those companies have been slowly inching higher since the Hindenburg debacle.

As of Friday, Adani’s net worth stood at $97.6 billion and he was the world’s 12th richest person, while Ambani’s wealth stood at $97 billion and he was in 13th place, according to the Bloomberg Billionaires Index.

Adani’s wealth surged by $13.3 billion since the beginning of the year, while Ambani’s climbed by $665 million year-to-date.

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