Gautam Adani, founder and chairman of Adani Group on Wednesday replaced Reliance Industries Limited (RIL) chairman Mukesh Ambani to become Asia’s richest person.
According to ET Now, Gautam Adani has surpassed Mukesh Ambani to become Asia’s richest based on group market capitalisation. As of Tuesday (November 23), as per Bloomberg Billionaires Index, Ambani’s total wealth stood at $91 billion while Adani’s net worth was at $88.8 billion, just 2.4% lower than the RIL top boss. However, on Wednesday, RIL shares corrected 1.72% while shares of most of Adani Group companies gained, pushing him to the top spot.
In last 20 months, the net worth of Gautam Adani saw a spike of over 1808 percent i.e., whopping USD 83.89 billion. In the same period, Mukesh Ambani’s net worth increased by 250 percent i.e., USD 54.7 billion.
Shares of Adani Enterprises gained 2.34%, Adani Ports and Special Economic Zone rallied 4%. Market cap of both these companies are nearly Rs 3.5 lakh crore after today’s gains. However, shares of Adani Transmission, which has a market cap of Rs 2.13 lakh crore, fell 0.74% and Adani Power (market cap nearly Rs 41,000 crore) fell 0.33%.