India’s Gautam Adani Replaces Mukesh Ambani as Richest Asian Billionaire

Bloomberg announced a list of the world’s wealthiest people, which saw India’s Gautam Adani overtaking fellow countryman Mukesh Ambani as Asia’s wealthiest person. 

Companies ranging from ports and aerospace to thermal energy and coal are all in the ownership of the 59-year-old Adani Group founder. Bloomberg Billionaire Index notes his net worth at $88.5 billion.

Over the COVID-19 pandemic, Adani’s wealth saw a significant increase as he had been worth less than $40 billion at this time last year. With such a spike, he replaced energy-to-tech entrepreneur Mukesh Ambani as the world’s 10th richest person.

Since June 2020, shares of Adani Enterprises also saw a rise to 1,000% on the National Stock Exchange in Mumbai, which is treated as a sign that investors trust in Adani’s work on sectors such as infrastructure and renewable energy. The two sectors are essential to Prime Minister Narendra Modi’s economic development goals.

Ambani, who controls Reliance Industries, now takes the 11th spot on Bloomberg’s index with a net worth of $87.9 billion.

Changes to the billionaires index were also observed recently. The stock market of Meta (FB), the parent company of Facebook, saw a historic collapse, which led to more than $30 billion being taken off Mark Zuckerberg’s personal wealth. Consequently, the Facebook CEO and co-founder is now in 13th place on the Bloomberg index.

Opinions expressed by San Francisco Post contributors are their own.

Allison Corrigan

I’m Allison and I am human rights activist and LGBTQIA+ defender. I finished my degree graduate studies on Public Administration and I spend most of my free time in contributing written works about community development, public administration and lifestyle.

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