Forbes Ranking Places Gautam Adani Ahead Of Ambani And Masayoshi Son

Adani Group Chairman Gautam Adani has become Asia’s richest person, with a net worth of $89.2 billion, according to Forbes’ Real-Time Billionaires list.

Gautam Adani overtook Reliance Industries Chairman Mukesh Ambani, whose net worth stood at $88 billion, and SoftBank founder Masayoshi Son at $87 billion.

The shift came after a decline in SoftBank shares, while gains across Adani Group companies boosted Gautam Adani’s wealth.

Several Adani Group stocks gained, including Adani Power, Adani Ports, Adani Enterprises, Adani Green Energy, and Adani Energy Solutions.

The combined market capitalisation of six listed Adani Group companies stood at nearly $191 billion as of Friday.

Adani Power accounted for $47.2 billion, followed by Adani Ports at $44.2 billion, Adani Enterprises at $44 billion, Adani Green Energy at $26.4 billion, Adani Energy Solutions at $19.9 billion, and Adani Total Gas at $8.8 billion.

According to Forbes, Gautam Adani’s fortune has increased by nearly $10 billion since the US Department of Justice dismissed fraud charges against the conglomerate last month.

Gautam Adani’s return to the top spot in Asia follows a challenging period marked by allegations from US short-seller Hindenburg Research in 2023.

The firm had accused the group of stock manipulation and fraud, allegations that Indian regulators later said were ‘not established’.

The conglomerate also faced scrutiny in the US over an alleged $250 million bribery scheme linked to solar energy contracts. Gautam Adani and his executives denied the allegations.

While the US Securities and Exchange Commission settled with the group, the US Department of Justice has moved to drop all charges against Gautam Adani and others.

In his recent annual letter to shareholders, Gautam Adani said the group had moved beyond its US legal challenges and was accelerating investments across energy, transport, logistics and digital infrastructure.