Indian billionaire Gautam Adani has once again overtaken Mukesh Ambani, the chairman of Reliance Industries to become Asia's richest individual.
Adani Group chairman currently ranks 11th on the Bloomberg Billionaires Index with a net worth of $111 billion, surpassing Ambani's $109 billion, reports the Times of India.
The significant rise in Adani Group stocks has been a key factor in Adani's overtaking of Ambani.
Shares of all Adani Group companies surged following a report by Jefferies highlighting the group's aggressive expansion plans, including $90 billion in capital expenditures over the next decade.
2023 had been quite challenging for the Adani Group after the Supreme Court ordered a panel to probe the allegations in the Hindenburg report. Adani, who was the third richest person in the world before the report, slipped in the rankings rapidly after the group's shares saw a sell-off.
However, later the Supreme Court ordered the Securities and Exchanges Board of India to conclude its investigation into the Adani Group and said no more probes were needed.
Last week, Gautam Adani also expressed his optimism about the future of the group saying that its best days are ahead.
"The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," he said.
The Bloomberg Billionaires Index showed that currently, Bernard Arnault is the richest person in the world with a net worth of $207 billion.
He is followed by Elon Musk and Jeff Bezos with total wealth of $203 billion and $199 billion respectively.
