As of December 6, billionaire Gautam Adani has secured the 15th position on the Bloomberg Billionaire Index (BBI), making substantial strides towards Mukesh Ambani, India’s and Asia’s wealthiest individual.
With a net worth of $82.5 billion, the founder of the Adani Group is now the 15th richest person globally and the second wealthiest Indian and Asian on the BBI. He has experienced a gain of $12.3 billion from the previous list position, although he has suffered a year-to-date (YTD) loss of $38 billion, largely attributed to the wealth erosion during the Hindenburg allegations.
In January 2023, Hindenburg Research, a New York-based short seller, accused the Adani Group of sustained stock manipulation and accounting irregularities. Despite these claims being refuted by the Adani Group, the allegations led to significant declines in the stock prices of Adani Group companies, resulting in a substantial drop of nearly 60 percent in Adani’s fortune, plummeting by up to $69 billion.
The Adani Group, headquartered in Ahmedabad and led by Gautam Adani, stands as a prominent infrastructure conglomerate in India, possessing the country’s largest private port and playing a key role in global coal trading. Adani Enterprises, the flagship company within the group, reported revenues of $17 billion for the fiscal year ending on March 31, 2023.
Gautam Adani’s wealth predominantly emanates from his ownership of six publicly traded companies affiliated with the Adani Group, the conglomerate he founded.
According to the BBI, Adani’s companies and stakes (via promoter group and through the Adani family trust) include publicly traded entities such as Adani Enterprises (68 percent), Adani Green Energy (56 percent), Adani Ports (63 percent), Adani Power (67 percent), Adani Transmission (68 percent), and Adani Total Gas (37 percent).
Meanwhile, Mukesh Ambani, Chairman of Reliance Industries, maintains his position as the top Indian on the list, ranking 13th with a wealth of $91.4 billion. He has gained $1.01 billion since the last update and added $4.33 billion to his wealth YTD.
Completing the representation of Indians in the Top 50 of the BBI are Shapoor Mistry at the 41st position with $32.8 billion and Shiv Nadar at the 45th position with $30.7 billion.
