Having lost his position as India’s richest man this year, Gautam Adani is now attempting to regain it. During the past two weeks, he has gained $18.8 billion, and now he is only $7 billion short of outpacing Mukesh Ambani, whose wealth is currently $92.3 billion.
After the Hindenburg saga, Adani’s wealth, which is linked to the value of his nine listed entities, suffered a blow. However, with most of those problems sorted out, his wealth is approaching that of Reliance.
According to Bloomberg Billionaires Index, Gautam Adani is worth $85.3 billion. Ambani is the 13th India’s richest man in the world and Adani is the 14th richest. The two Indian corporate heavyweights are right behind each other on the global billionaire list.
Five ranks after two weeks- India’s richest
On November 29, Adani was at the 19th position on Bloomberg’s billionaire list, and he became the 14th richest man in the world on December 13 – within two weeks.
The Indian stock market has enjoyed a bull run after a number of positive developments, including the BJP winning three state elections, the central bank raising its GDP growth projections for FY24 to 7%, and many more. As benchmark indices scaled new heights each day, the stocks of the Adani group topped the gainers most days.
Between November 29 and December 13, Adani’s wealth increased by $18.8 billion from $66.7 billion to $85.3 billion, an increase of $18.8 billion. Ambani’s wealth increased by $2.8 billion, from $89.5 billion to $92.3 billion during the same period.
Top 20 richest people in the world
| RANK | NAME | NET WORTH | LAST CHANGE |
| 1 | Elon Musk | $223 billion | -$3.2 billion |
| 2 | Bernard Arnault | $175 billion | $193 million |
| 3 | Jeff Bezos | $170 billion | -$1.46 billion |
| 4 | Bill Gates | $135 billion | $147 million |
| 5 | Larry Ellison | $130 billion | $1.12 billion |
| 6 | Steve Balmer | $128 billion | -$935 million |
| 7 | Larry Page | $121 billion | -$1.37 billion |
| 8 | Warren Buffet | $121 billion | $1.53 billion |
| 9 | Mark Zuckerberg | $118 billion | -$2.56 billion |
| 10 | Sergey Brin | $115 billion | -$1.28 billion |
| 11 | Carlos Slim | $97.3 billion | $83.6 million |
| 12 | Francoise Bettencourt Meyers | $95.5 billion | $413 million |
| 13 | Mukesh Ambani | $92.3 billion | $161 million |
| 14 | Gautam Adani | $85.3 billion | $124 million |
| 15 | Amancio Ortega | $82.5 billion | $562 million |
| 16 | Michael Dell | $73 billion | $2.44 billion |
| 17 | Jim Walton | $69.6 billion | $189 million |
| 18 | Rob Walton | $68.4 billion | $164 million |
| 19 | Alice Walton | $67.3 billion | $195 million |
| 20 | Julia Flesher Koch & family | $65.6 billion | $95.6 million |
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Hindenburg’s effect
Despite being once the world’s third richest man and second for a brief period, Adani’s wealth is nowhere near its peak, prior to US research firm Hindenburg accusing the group of stock manipulation.
After releasing the report in late January, Adani had lost over 60% of his wealth by the end of March. He is still down by $35.3 billion from the wealth he had held over the past year.
Besides the broad bull run, Adani Group stocks have also been rallying due to other developments related to the company. The Supreme Court recently ruled that the Hindenburg and OCCRP reports were not credible.
After that, the US-agency International Development Finance Corp (DFC) found Hindenburg Research’s allegations of stock manipulation and accounting fraud ‘irrelevant’.
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