Gautam Adani Surpasses Mukesh Ambani, Emerging as India’s Wealthiest with Global Wealth Ascension
Image Source: Business Today
In a significant turn of events, Gautam Adani, the Chairperson of the Adani Group, has surpassed Mukesh Ambani, Chairman of Reliance Industries, to secure the position of India’s and Asia’s wealthiest individual, according to the Bloomberg Billionaire’s Index (BBI). Both Adani and Ambani have climbed the global wealth hierarchy, attaining positions within the top 13.
This shift in rankings follows an exceptional year for Adani, propelling him to the 12th position on the global billionaire list. Ambani, closely following at the 13th spot, maintains a robust presence among the global elite. This shift aligns with the trend observed in December 2023 when Adani ascended to the 15th spot, closing in on Ambani, then positioned at 14.
However, Adani’s journey to the summit has not been without obstacles. In January 2023, Hindenburg Research, a New York-based short seller, made allegations of stock manipulation and accounting irregularities against the Adani Group. The group vehemently denied these claims. The aftermath of these accusations witnessed a substantial dip in Adani’s personal fortune, plummeting by nearly $69 billion due to significant declines in Adani Group companies’ stock prices.
The Adani Group, a prominent infrastructure conglomerate in India led by Gautam Adani, boasts the nation’s largest private port and plays a crucial role in global coal trading. Adani Enterprises, the flagship company, reported revenues of $17 billion for the fiscal year ending on March 31, 2023.
Adani’s wealth primarily derives from his ownership in six publicly traded companies associated with the Adani Group. As per the BBI, Adani’s companies and stakes include Adani Enterprises (68 percent), Adani Green Energy (56 percent), Adani Ports (63 percent), Adani Power (67 percent), Adani Transmission (68 percent), and Adani Total Gas (37 percent).
Other noteworthy Indian figures in the BBI Top 50 encompass Shapoor Mistry, holding the 38th position with a wealth of $34.6 billion, and Shiv Nadar, securing the 45th spot with $33 billion.
The dynamic shifts in wealth rankings underscore the competitive landscape among India’s business magnates, with Adani’s achievement marking a significant milestone in the country’s economic narrative.
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