Gautam Adani surpasses Mukesh Ambani to become Asia’s richest person with a net worth of $111 billion [June 2, 2024]

Billionaire Gautam Adani has once again secured his position as the wealthiest individual in Asia, surpassing Mukesh Ambani, the chairman of Reliance Industries. According to the Bloomberg Billionaires Index, as of June 2, 2024, Adani’s net worth stands at an impressive $111 billion, while Ambani’s wealth is reported at $109 billion.

The recent surge in Adani Group stocks has played a pivotal role in Adani’s ascent to the top. Jefferies, a renowned financial firm, released a report highlighting the group’s ambitious expansion plans, which include a staggering $90 billion in capital expenditures over the next decade. This news triggered a rally in the shares of all Adani Group companies, with some experiencing gains of up to 14%. As a result, investor wealth soared by Rs 1.23 lakh crore, propelling the group’s total market capitalisation to Rs 17.94 lakh crore during intraday trading.

Adani’s net worth has witnessed a remarkable increase of $26.8 billion in 2024 alone, while Ambani’s wealth has grown by $12.7 billion. This achievement is particularly noteworthy considering the challenges Adani faced in early 2023, when allegations of fraud by Hindenburg Research temporarily affected his net worth. However, Adani vehemently denied these claims and implemented a strategic comeback plan, focusing on debt reduction, decreasing founder share pledges, and consolidating core business competencies.

In his annual report, Adani expressed unwavering optimism about the future prospects of the Adani Group. He acknowledged the obstacles encountered in the previous year but emphasized that overcoming them has only 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 stated confidently.

Adani’s journey to becoming Asia’s richest person began with his foray into the diamond industry in 1988. Starting as an import-export operation in the commodities sector, his company gradually expanded into various other ventures. Over the past decade, Adani’s wealth has skyrocketed from approximately $5 billion in 2014 to an astonishing $121 billion by the end of 2022.

As Gautam Adani reclaims his position as Asia’s wealthiest individual, his resilience and determination serve as an inspiration to many. Despite the challenges faced, Adani’s optimism and the Adani Group’s aggressive expansion plans, coupled with the unwavering support of investors, position him for continued success in the future.