Indian billionaire Adani overtakes Ambani to reclaim Asia’s richest title with $111B net worth

By Dat Nguyen June 3, 2024 | 05:07 am PT

Indian billionaire Gautam Adani speaks during an interview in the western Indian city of Ahmedabad Sept. 24, 2012. Photo by Reuters

Indian billionaire Gautam Adani, founder of infrastructure conglomerate Adani Group, has surpassed a fellow countryman Mukesh Ambani to reclaim the Asia’s richest person title.

As of Monday Adani has a net worth of $111 billion, compared to the $109 billion assets of Mukesh Ambani, which controls Mumbai-based Reliance Industries, owner of the world's largest oil refining complex, according to the Bloomberg Billionaires Index.

Gautam Adani's net worth. Photo by Bloomberg

Shares of all Adani Group companies surged last week following a report highlighting the group's expansion plans, including $90 billion in capital expenditures over the next decade, according to The Economic Times.

Adani’s net worth has risen by 31.8% this year but remains far away from the $148 billion achieved in September 2022.

Last week he expressed optimism regarding the future of the group, stating that its best days are yet to come.

"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."

In the financial year ending March Adani Group saw a 55% surge in profit to $3.7 billion.