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

Gautam Adani Overtakes Mukesh Ambani As Asia's Richest Person

(Photo: The Quint)

Gautam Adani, the Indian billionaire who converted a trading business into a multi-industry company spanning mines, ports and green energy, has now become the richest person in Asia, surpassing Mukesh Ambani.

The 59-year-old magnate's net worth touched $88.5 billion on Monday, 7 February, according to the Bloomberg Billionaires Index. While Reliance Industries Limited (RIL) chairman Mukesh Ambani's was left behind at $87.9 billion. With an almost $12 billion leap in the fortune he has personally garnered, Adani has also become the world's biggest wealth-gainer this year.

Reportedly, Adani's net worth has elevated significantly since 2020. In March 2020, it was $4.91 billion. Since then, his net worth has surged to $90 billion, a jump of more than 1800 percent.

The Adani Group chairman — whose Australian mine project resulted in controversy and drew flak from climate activists like Greta Thunberg — has focussed beyond fossil fuel for expansion. The coal magnate is embracing renewable energy, data centers, airports and defense contracting.

“The Adani Group has spotted and entered all the happening sectors at the right time, which has appealed to a select band of foreign portfolio investors. The sectors are capital-intensive and the company has faced little difficulty in raising funds to expand.”

Deepak Jasani, head of retail research at Mumbai-based brokerage HDFC Securities Ltd

Earlier in May, Adani had become Asia's second-richest person eclipsing Chinese billionaire Zong Shanshan. The Bloomberg Billionaire Index had showed that Adani Group's net worth was $66.5 billion at the time, compared to Zhong Shanshan’s $65.6 billion.

(With inputs from Bloomberg.)