Billionaire Gautam Adani has reclaimed the title of Asia's richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. As of 6 PM on Saturday, Mr Adani, the chairman of Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Mr Ambani's $109 billion.
The significant rise in Adani Group stocks has been a key factor in Mr Adani's overtaking of Mr Ambani. On Friday, shares of all Adani Group companies surged following a report by Jefferies highlighting the group's aggressive expansion plans, including $90 billion in capital expenditures over the next decade.
The market reacted positively, with Adani Group stocks adding up to Rs 1.23 lakh crore in investor wealth, bringing their total market capitalisation to Rs 17.94 lakh crore intraday. By the close of trading, the market capitalisation had settled at Rs 17.51 lakh crore, with an addition of Rs 84,064 crore in value.
Earlier this week, Gautam Adani expressed optimism about the future of the Adani Group, emphasising that the company's best days are ahead following a robust recovery from a dual assault by US short-seller Hindenburg. In the annual report, Mr Adani highlighted the challenges the group faced last year, noting that overcoming them has strengthened their 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," he said.
The Bloomberg Billionaires Index is a daily ranking of the world's wealthiest individuals, updated at the close of each trading day in New York.
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