The Chairman of Adani Group, Mr. Gautam Adani, outperformed Mr. Mukesh Ambani, the Managing Director and Chairman of RIL (Reliance Industries Ltd.), to become Asia’s richest man. As per the reports, Mr. Ambani has been the richest man of Asia since 2015, until Mr. Adani took over on Wednesday.
The net worth of the Indian business magnate Mr. Adani now stands at $88.8 billion, while Mr. Ambani’s net worth stood at $91 billion. However, the change in the year-to-date net worth of Mr. Adani is way more than Ambani’s.
The change in net worth for Mr. Ambani was $14.3 billion, while Mr. Adani surpassed the fifty billion mark and stood with $55 billion. Reports suggested that Adani’s network skyrocketed since April 2020. Back in March 2020, Mr. Adani’s net worth was only $4.91 billion.
The recent events in these 20 months increased his worth by more than 1800 percent. Adani Green, the renewable energy company of Mr. Adani has immense contribution towards the rise in his net worth.
Meanwhile, Mr. Ambani’s net worth was impacted by the scrapping of a deal between Reliance Industries and a Saudi-based petroleum and natural gas company named Aramco. These events have made it obvious for the experts to predict the richest man of India at present. The Bloomberg Billionaires Index already showed both the billionaires’ net worth on Tuesday.
This change hit the country on Wednesday when the Adani Group’s stocks saw a 2.34 percent hike. Simultaneously, Reliance Industries’ stock plunged by 1.77 percent, leading to the change in the net worth of both these billionaires.
Earlier in this year, Mr. Adani surpassed Zong Shanshan, a Chinese billionaire, and stood as the second richest man of Asia. According to the Bloomberg Billionaire Index, Mr. Shanshan’s net worth in May was $65.6 billion, while Mr. Adani’s worth was $66.5 billion. Considering the wealth owned by a person, Mr. Adani had trailed behind Mr. Ambani, his Indian competitor.
According to the information from Bloomberg, Mr. Adani’s net worth was more than Zong Shanshan back in February itself. Mr. Shanshan, the founder and Chairman of Nongfu Spring, was the sixth richest man in the world. Mr. Shanshan also owns a major part of the Beijing Wantai Biological Pharmacy Enterprise.
In the last year Ambani’s wealth plummeted while Mr. Adani’s net worth rose to more than $30 billion.
For the last two decades, Mr. Adani had been building his business empire. At present, the Adani Group holds various major mines, airports, powerplants, datacenters, ports, city gas, defense, and a lot more. This group has also acquired seven of India’s airports, which involves a significant chunk of the country’s air traffic.
The renewable energy capacity addition wing of the Adani Group has also fetched consequential gains to the organization. Apart from these, the Adani Group also holds a contract with another company to co-develop one of Sri Lanka’s ports. Meanwhile, the company has also been acquiring new ports in India.