Gautam Adani Amasses $13.3 Billion In 5 Days To Be Asia’s Richest Man

According to the Bloomberg index, Adani Group chairman Gautam Adani reentered the positions of India’s as well as Asia’s wealthiest person, surpassing Reliance Industries Limited Chairman Mukesh Ambani, with Adani Group shares such as Adani Enterprises gaining by over 5.4%, Adani Power jumping by 5.5%, Adani Green Energy and Adani Energy Solutions zooming by 5.2% each, and Adani Wilmar climbing by 5.90%, while Adani Ports being the biggest gainer with a 12.5% upside, followed by Adani Total Gas jumping by over 10.2%.

Notably, Adani Ports and Ambuja Cements have touched new 52-week highs in the week with a gain of 12.5% and 3.3%, respectively, while ACC shares advanced by 6.8% and media stock NDTV surged by 6.5%. This significant rally made Gautam Adani $13.3 billion richer in 5 days and the highest-earning man in 2024.

According to the Bloomberg index, a large chunk of Adani’s fortune is derived from stakes in six publicly traded companies that include Adani Enterprises (73%); Adani Power (70%); Adani Total Gas (37%); Adani Energy Solutions (73%); Adani Ports (66%); and Adani Green Energy (56%). Each of the companies is publicly traded and based in Ahmedabad, India.

With this, Gautam Adani currently holds a net worth of $97.6 billion, which is marginally higher than Mukesh Ambani’s $97 billion, according to the Bloomberg Billionaires Index, which positions him as the 12th richest individual in the world.

Adani Group shares had seen a 13% jump after the Supreme Court denied an investigation into fraud allegations against Adani Group companies, as outlined in the Hindenburg Research report.

Adani had lost the country’s richest man position to Mukesh Ambani a year ago when US-based Hindenburg’s report alleged the Gautam Adani-led group was perpetrating “brazen accounting fraud” and “stock manipulation,” leading to a loss of over $140 billion in the market capitalization of Adani’s ports-to-power empire. The group was also compelled to cancel Adani Enterprise’s 20,000 crore offer for sale (OFS).

However, after a month, Adani Group performed a strong comeback on the back of debt-reducing measures, and the U.S.-based GQG Partners invested a whopping Rs 39,331 crore in Adani Enterprises. Currently, Adani Group’s valuation is 79.3% above the level of the pre-Hindenburg saga, which was Rs 19.20 lakh crore, with the group’s market cap soaring by nearly Rs 15.23 lakh crore from Rs 14 lakh crore by the end of 2023.