Gautam Adani Regains Top Spot Overtaking Mukesh Ambani To Become Asia's Richest Person

Billionaire Gautam Adani has overtaken Reliance Industries chairman, Mukesh Ambani to reclaim the tag of richest Indian. Ranked 12 on the Bloomberg Billionaires Index, he is also Asia's richest man. Ambani stands a spot lower at 12.

The Adani Group chairman had a net worth of $111 billion as of 6 pm on Saturday, according to the Index while Ambani was at $109 billion. The surge in group stocks has again taken Adani ahead of Ambani.

Shares of all Adani Group companies surged on Friday after Jefferies said the group is on an expansion spree, on the back of $90 billion in capital expenditures over the next decade.

Adani Group stocks added as much as Rs 1.23 lakh crore in investor wealth, taking their total market capitalisation to Rs 17.94 lakh crore intraday. By the end of trading hours, the shares had added Rs 84,064 crore in market value, taking the market capitalisation to Rs 17.51 lakh crore.

Earlier this week, Gautam Adani said that he sees extraordinary possibilities for the Adani Group, with the best yet to come following the group's stellar comeback after the two-pronged attack by US short-seller Hindenburg.

The challenges the group overcame last year have strengthened its resolve, and they draw inspiration from the very resilience that India embodies, Adani said in the annual report.

"The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," he said.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.