India: Gautam Adani, Richest Man in Asia

Gautam Adani has again become the richest person in Asia, according to the Bloomberg Billionaires Index. He overtook another Indian, Mukesh Ambani, in the last days of May, when Adani’s empire, whose operations range from media information to airports and power generation, overtook Ambani’s Reliance Group (petrochemicals and textiles) in market capitalization.

Adani’s net worth is $111 billion, and he is the 11th richest man in the world (Ambani has $109 billion and ranks 12th). His company’s shares rose sharply following the news of its ambitious expansion plans. Adani thus regains the lead in the ranking of Asia’s richest people after the 2023 crisis. Back then his stock plummeted after the start of an investigation into his companies. However, it was unsuccessful, and the businessman was rehabilitated by the Supreme Court.

The American firm Hindenburg Research accused Adani of making it seem as if his empire was based on trade fraud. This group’s stock price plummeted then by $150 billion.