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Gautam Adani replaces Mukesh Ambani to become India’s richest man

Earlier in December 2023, the billionaire moved to the 15th position, closing up on Ambani, who was then at 14.

Gautam Adani, Chairman of the Adani Group of Companies, is now ahead of Reliance Industries Chairman Mukesh Ambani on the Bloomberg Billionaire’s Index (BBI) to become India’s and Asia’s richest man.

While Adani’s net worth has risen to the top 12 in the world, Ambani is only one step down at 13. Both have advanced since last year.

Earlier in December 2023, the billionaire moved to the 15th position, closing up on Ambani, who was then at 14.

The Adani Group founder is currently the world’s 12th richest person, with a net worth of $97.6 billion, and the richest Indian and Asian on the list. He has acquired $7.67 billion since his prior ranking and has gathered $13.3 billion year-to-date (YTD). Adani’s net worth dropped earlier this year as a result of the Hindenberg claims.

Hindenburg Research, a New York-based short seller, accused the Adani Group of long-term stock manipulation and accounting problems in January 2023. The Adani Group disputed these assertions. Following these charges, falls in the stock prices of Adani Group firms led in a startling 60% drop in Adani’s riches, dropping by up to $69 billion.

The Adani Group of Ahmedabad, led by Gautam Adani, is a major infrastructure corporation in India. It controls the country’s largest private port and is a major player in worldwide coal trade. Adani Enterprises, the group’s main firm, reported $17 billion in sales for the fiscal year ending March 31, 2023.

Gautam Adani’s fortune is mostly derived from his ownership of six publicly listed firms associated with the Adani Group, the conglomerate he founded.

According to the BBI, Adani’s publicly traded companies and stakes (via promoter group and Adani family trust) include Adani Enterprises (73 percent); Adani Green Energy (56 percent); Adani Ports (66 percent); Adani Power (70 percent); Adani Transmission (68 percent); Adani Energy Solutions (73 percent); and Adani Total Gas (37 percent).

Indians in the Top 50

Ambani, the chairman of Reliance Industries Limited, is currently India’s and Asia’s second richest man, with a fortune of $97 billion. He made $764 million following the previous change and has made $665 million year to far.

Shapoor Mistry is rated 38th in the BBI Top 50 with $34.6 billion, while Shiv Nadar is placed 45th with $33 billion.

You might also be interested in – Gautam Adani showcases world’s largest green energy park project, clearly visible from space

Dr. Shubhangi Jha

Avid reader, infrequent writer, evolving

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