After nearly five months, Gautam Adani, chairman of Adani Group, has surpassed Mukesh Ambani, chairman of Reliance Industries, as the richest person in Asia according to Bloomberg Billionaires Index. Adani's net worth increased by $5.45 billion, overtaking Ambani's $76.2 million gain. This change comes after a significant drop in Adani Group's valuation in January due to allegations of accounting fraud, stock market manipulation, and fraudulent transactions. Adani's surge in net worth is attributed to a recent rise in Adani Group's stock prices and a promising $90 billion capital expenditure plan over the next decade. Bernard Arnault, chairman of LVMH, currently holds the title of the world's richest person with a net worth of $207 billion.
Gautam Adani Surpasses Mukesh Ambani as Asia's Richest Person
After a tumultuous five months, Gautam Adani, chairman of the Adani Group, has reclaimed his title as Asia's richest person, dethroning Mukesh Ambani of Reliance Industries. According to the Bloomberg Billionaires Index, Adani's net worth has soared to $83.6 billion, surpassing Ambani's $82.8 billion.
A Surge in Adani's Net Worth
Adani's recent surge in wealth is primarily attributed to a significant rise in the share prices of Adani Group companies. In the past year, the combined market capitalization of Adani Group's listed companies has increased by over $50 billion. This growth has been driven by strong performance in sectors such as energy, infrastructure, and logistics.
Adani Group's Future Plans
Adani's ambitious expansion plans have also played a role in his increasing wealth. The Adani Group has announced a $90 billion capital expenditure plan over the next decade. This investment will be used to develop new projects in renewable energy, data centers, and transportation.
Recovery from Hindenburg Report Allegations
In January, Adani Group faced allegations of accounting fraud, stock market manipulation, and fraudulent transactions from US investment research firm Hindenburg Research. These allegations led to a significant drop in Adani Group's valuation, wiping out billions of dollars from Adani's net worth. However, the Adani Group has strongly denied these allegations and has taken steps to address the concerns raised.
Ambani's Loss of the Top Spot
Mukesh Ambani, who has held the title of Asia's richest person for several years, has lost his position to Adani due to a significant decline in Reliance Industries' share price. Reliance Industries has been facing challenges in its telecommunications business and has also been impacted by the global economic slowdown.
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