India’s Gautam Adani Rises to Become Asia’s Richest Billionaire

Photo: Hindustan Times

New Delhi (CNN Business) – According to a Bloomberg list of the world’s richest people, India’s Mukesh Ambani has been overtaken by Gautam Adani as the wealthiest person in Asia.

The founder of Adani Group, now 59, has ownership over companies ranging from ports and aerospace to thermal energy and coal. Bloomberg Billionaires Index says that he now has a net worth of $88.5 billion.

Over the pandemic, Adani’s wealth skyrocketed. At this time last year, he was worth less than $40 billion. With such a massive spike, he overtook fellow countryman and energy-to-tech entrepreneur Mukesh Ambani and became the world’s 10th richest person.

The Indian stock market also saw an exceptional performance from the Adani Group. Since June 2020, shares of Adani Enterprises saw a rise of more than 1,000% on the National Stock Exchange in Mumbai, which is considered a sign that investors are optimistic about Adani’s ability to gamble on sectors such as infrastructure and renewable energy. These sectors are essential to Prime Minister Narendra Modi’s economic development goals.

With a net worth of $87.9 billion, Ambani, who controls Reliance Industries, now holds the Bloomberg index’s 11th spot.

This wasn’t the only recent change in the billionaires ranking. Last week, Meta (FB), the parent company of Facebook, met a historic collapse on its stock market. This has deducted more than $30 billion off Mark Zuckerberg’s personal wealth. As a result, Zuckerberg now stands in 13th place on the Bloomberg index.

Opinions expressed by Famous Times contributors are their own.

Leave a Reply

Your email address will not be published.