Shares of Adani Group companies surged by up to 14 per cent on Friday after US brokerage Jefferies issued a positive outlook on the group. This boost in stock prices has allowed Gautam Adani to reclaim the title of Asia’s richest person, surpassing Mukesh Ambani, head of Reliance Industries.
Adani’s net worth now stands at £87.4 billion, making him the 11th richest person in the world according to the Bloomberg Billionaires Index. In contrast, Ambani’s wealth is estimated at £85.8 billion, placing him 12th globally. The rise in Adani Group’s market value added £66.2 billion, bringing the market capitalisation of its 10 listed firms to £13.8 trillion by the close of trading on Friday.
Adani has overtaken Ambani after nearly five months. Earlier this year, Adani had briefly surpassed Ambani but lost the top spot soon after. Adani’s net worth has increased by £21.1 billion in 2024, while Ambani’s wealth has risen by £10 billion, according to the Bloomberg Billionaires Index.
In 2022, Adani first became Asia’s richest man as his personal wealth grew despite a slowing global economy. However, a critical report from short-seller Hindenburg Research in January 2023 alleged fraud and caused the group’s stock prices to drop by £118.1 billion, pushing Adani out of the world’s top 20 billionaires. The Adani Group denied all allegations and implemented a comeback strategy focused on reducing debt and consolidating core businesses, leading to record earnings for the fiscal year ending 31 March.
Gautam Adani’s rise began with humble beginnings. A college dropout, he started his career in the diamond industry before joining his brother’s plastics factory and eventually founding his own company in 1988. Over the last decade, his wealth has grown significantly, reaching £95.3 billion by the end of 2022. Last week, in the annual reports of the group companies, Adani expressed optimism about the future, stating, “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.”
