Gautam Adani Overtakes Mukesh Ambani To Become Asia’s Richest Person

Billionaire businessman Gautam Adani, chairman, and founder of conglomerate Adani Group, has become the richest person in Asia.

Adani has overtaken Businessman and Managing Director of Reliance Industries Limited, Mukesh Ambani, to enter the top 10 of the world’s richest people.

According to the latest tally of the Bloomberg Billionaires Index, Gautam Adani has a net worth of $88.5 billion, about $600 million higher than Mukesh Ambani’s net worth.

Adani turned a small commodities trading business into a conglomerate spanning ports, mines and green energy. His fortune rose by $12 billion in the past year. A push into green energy has boosted his personal fortune.

Some Adani-owned firms such as Adani Total Gas Ltd and Adani Transmission Ltd have performed much better than others in 2021. Adani Total Gas Ltd jumped by about 370 per cent in the last year. Adani Transmission Ltd jumped by 250 per cent in the last year. Adani’s FMCG firm Adani Wilmar, which listed on the benchmark indices Tuesday, was listed at a 4 per cent discount in a tepid debut.

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Deepak Jasani, head of retail research at brokerage firm HDFC Securities Ltd told Bloomberg News that the Adani Group entered all the happening sectors at the right time.

Gautam Adani also owns 74 per cent of Mumbai international airport. The Adani Group also controls the port of Mundra, which is the largest private port of India. Reportedly, some of Adani Group’s listed stocks have soared more than 600% in the past two years. Adani Green Energy’s share price almost doubled in the past 12 months.

Mukesh Ambani’s wealth saw a YTD fall of about $2.07 billion. Mukesh Ambani is currently the second richest person in India as well as Asia.

Both Indian billionaires are now pushing ahead with green energy projects. They have reportedly been investing in a renewable energy push.