Gautam Adani has surpassed Mukesh Ambani to become India’s richest person. As of January 5, 2024, Gautam Adani’s net worth stands at $97.6 billion, making him the richest person in India and Asia, according to the Bloomberg Billionaires Index.
Adani’s rise to the top spot is attributed to a significant increase in his fortune, with his net worth rising by $7.7 billion in a single day. This has propelled him ahead of Mukesh Ambani, whose net worth is reported to be $97 billion as of the same date5.
Therefore, based on multiple sources, it is evident that Gautam Adani has indeed left behind Mukesh Ambani to claim the title of India’s richest person.
Reason Gautam Adani’s Recent Net Worth Rise
Gautam Adani’s recent net worth rise is attributed to a $7.7 billion jump in his fortunes in a single day, which propelled him ahead of Mukesh Ambani to become India’s richest person, according to Bloomberg Billionaires Index.
The rise in Adani’s net worth is due to a court reprieve that allowed his company, Adani Ports and Special Economic Zone Ltd., to proceed with its acquisition of Gangavaram Port Ltd.
Adani’s conglomerate, the Adani Group, has interests in various sectors, including energy, utilities, mining, and logistics, among others. Adani’s rise to the top spot in India’s richest person list is a reflection of the growth of his companies and India’s economic growth prowess in recent years.
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Gautam Adani’s Net Worth Decline in the Past
Gautam Adani’s net worth has declined in the past due to a report published by a US-based investment firm, Hindenburg Research, which accused the Adani Group of stock manipulation and fraud.
The report led to a significant drop in share prices, causing Adani’s net worth to fall by almost $60 billion in a matter of weeks. Adani’s net worth was over $110 billion before the Hindenburg report, and he had replaced Mukesh Ambani as the richest man in India.
However, Adani paved a path towards quick recovery, raising almost $15 billion in debt and equity in the fiscal year. Adani’s net worth has since rebounded, and as of January 5, 2024, his net worth stands at $97.6 billion, making him the richest person in India and Asia.