Gautam Adani reclaims title as Asia’s wealthiest billionaire

Shares of Adani Group companies have seen a significant increase, propelling billionaire Gautam Adani back to the richest position in Asia ahead of Mukesh Ambani. According to the Bloomberg Billionaire Index, Gautam Adani reclaimed the top spot in Asia on June 3, with assets totaling 122 billion USD, surpassing Mukesh Ambani by 7 billion USD.

The surge in Adani Group stocks on June 3 was attributed to positive polling results indicating a potential win for Prime Minister Narendra Modi’s party in the general election. All 10 stocks of Adani Group companies saw gains on the Mumbai stock exchange, with Adani Power and Adani Ports & Special Economic Zone leading the way with increases of 16% and 10% respectively. This surge in stock prices led to a total increase in Adani Group’s market capitalization to 234 billion USD.

Founded by Gautam Adani in 1988, Adani Group started off in commodities and has since expanded its operations through mergers and acquisitions, aligning with the priorities of Prime Minister Narendra Modi’s government in infrastructure, green energy, defense, and digital services. The group is a major player in India’s airport operations and controls Mundra Port, the largest port in the country. It also has investments in power transmission and green energy sectors.

Despite facing accusations of financial fraud and stock market manipulation in the past, Adani Group has consistently denied these allegations. Following investigations by the Securities and Exchange Commission of India and the country’s Supreme Court, the group was cleared of any wrongdoing, allowing it to continue operations and restore trust.

In 2023, Adani briefly held the title of the richest man in Asia and the third richest in the world, with assets totaling 150 billion USD. Since the beginning of the year, Gautam Adani’s assets have increased by 38 billion USD, surpassing the gains made by Mukesh Ambani. Adani Group’s strategic alignment with government policies and strong market performance have contributed to its continued success in the business world.