Gautam Adani has reclaimed the title of the wealthiest individual in Asia, as per the latest figures from the Bloomberg Billionaires Index released on Friday. The founder and chairman of the Adani Group surpassed Mukesh Ambani, the Chairman of Reliance Industries, who had briefly held the top spot following allegations of "brazen stock manipulation and accounting fraud" against the Adani Group by Hindenburg Research. The accusations led to a significant market value loss for Adani Group companies, impacting investor confidence.
Adani's resurgence comes in the wake of the Indian Supreme Court's announcement that no additional investigations were required beyond the ongoing scrutiny by the Securities and Exchange Board of India (SEBI), which has been investigating the conglomerate since allegations were raised by Hindenburg Research in January.
The Adani Group, with ten publicly listed companies, including Adani Port, experienced a gradual increase in share values since the Hindenburg controversy. Adani's net worth reached $97.6 billion, making him the 12th richest person globally, while Ambani's wealth stood at $97 billion, placing him in the 13th position on the Bloomberg Billionaires Index. Adani's wealth surged by $13.3 billion since the beginning of the year, contrasting with Ambani's more modest climb of $665 million year-to-date.
