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Gautam Adani become richest man in Asia, Surpasses Mukesh Ambani

Indian business magnate and billionaire Gautam Adani has surpassed Reliance Industries Limited (RIL) chairman Mukesh Ambani to become India’s and Asia’s richest person. According to reports, the Adani Group Chairman’s networth has increased significantly since April 2020. In March 2020, Adani’s networth was USD 4.91 billion. In the last 20 months, the same has increased to USD 90 billion, a surge of more than 1800 per cent.

Indian businessman Gautam Adani has become the richest Asian, worth $90.1 billion, according to Forbes’ Real Time Billionaire calculations on Thursday, and the 10th richest person in the world.

However, the complete market valuation of all the Adani Group firms is fixed at Rupees 10 trillion in comparison to the Rupees 14.91 trillion for Reliance Industries of Ambani. Despite the fact, Gautam Adani is regarded as richer than Mukesh Ambani because of his company’s greater promoter ownership. Notably, with his great success in earning a profit, Gautam Adani also beats the wealthiest lady in the world named Francoise Bettencourt Meyers. The world’s wealthiest lady, Francoise and her family have a net worth of 83.2 billion dollars as per the information by the Forbes Real-Time Billionaires index.

At present, the net worth of Gautam Adani is reported as 90.4 million dollars and the current net balance of Ambani is 89.8 billion dollars. In the competition of becoming the richest in the continent, Gautam Adani defeated Ambani because of the big decline in the shares of Reliance Industries and also for the reason that shares in the publicly traded groups have increased.

In the last 20 months, the net worth of Gautam Adani has roused over 180 per cent leading to 83.89 billion dollars on the other hand the net worth of Ambani during the same period has increased by 250% which makes 54.7 billion dollars.

Gautam Adani is from the west Indian state of Gujarat

Gautam Adani dropped out of college and founded Adani Enterprises as a commodities exporter in 1988. Gautam Adani eventually expanded his businesses into managing ports, power generation and solar power and more. Adani Group’s growth appears to have been supported by Narendra Modi, who prior to becoming Indian Prime Minister was chief minister of the state of Gujarat. As Forbes reported in 2014, Modi was a guest at Adani’s son’s wedding.  In September 2020,  Adani Group acquired a 74% stake in Mumbai International Airport, India’s second busiest. 

It’s a remarkable rise for Gautam Adani, age 59, a college dropout who started a commodity export firm in 1988. Back in 2008, Gautam Adani appeared on Forbes’ list of the World’s Billionaires worth $9.3 billion.  His Adani Group includes a mix of businesses ranging from power generation and transmission to edible oil to real estate and coal. The group has six listed companies in India, the most valuable of which is Adani Green Energy Ltd, whose shares have soared by 77% in the past year.

Gautam Adani’s net worth has nearly doubled from $50.5 billion in April 2021 when Forbes released its annual World’s Billionaires list. During the same period, Ambani’s net worth grew by just 6.5% from $84.5 billion last April. Shares of Reliance Industries, which has oil, petrochemicals, retail and telecom businesses, fell 1.47% on Thursday and are down 2.3% so far in 2022. 

In the competition of becoming the richest in the continent, Gautam Adani defeated Ambani because of the big decline in the shares of Reliance Industries and also for the reason that shares in the publicly traded groups have increased.

Gautam Adani narrowly edges out fellow Indian billionaire Mukesh Ambani, head of Reliance Industries, worth just $100 million less at $90 billion, Forbes estimates. Ambani was previously the richest Asian billionaire.

Also Read: Types of Investments Available in India

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