Billionaire Gautam Adani, founder and chairman of the Adani Group, has now become the richest person in Asia with a net worth of $92.6 billion, according to the Bloomberg Billionaires Index.
Adani, who became the richest Asian on Friday, ranks 19th on the list of the world’s richest countries. He surpassed Mukesh Ambani, chairman and CEO of Reliance Industries, who is now the second richest person in Asia and the 20th richest in the world. As of April 17, Ambani’s net worth was $90.8 billion.
It’s worth noting that these rankings change frequently, as wealth figures are based on company share prices and business performance.
Adani Group shares are green today
These developments are linked to gains in Adani Group’s share value. Share price of Adani Group rose sharply today on reports. Adani Power’s share price rose nearly 1%. Adani Total Gas rose more than 2%. Adani Green Energy gained 0.44% while Adani Ports & Special Economic Zone rose 1.6%. Many other Adani firms also traded in the green.
Here is the list of top five richest Indians:
1. Gautam Adani: $92.6 billion (19th richest in the world)
2. Mukesh Ambani: $90.8 billion (20th richest in the world)
3. Lakshmi Mittal: $36.9 billion (62nd richest in the world)
4. Shiv Nadar: $33.5 billion (70th richest in the world)
5. Shapoor Mistry & Family: $33.2 billion (71st richest in the world)
A look at Adani’s assets and business holdings
According to Bloomberg, most of Adani’s wealth is tied up in his holdings in companies under the Adani Group, the large conglomerate he founded. His wealth is largely built on stakes in six listed companies and two private entities.
Its major holdings include Adani Enterprises (74%), Adani Power (75%), Adani Total Gas (37%), Adani Energy Solutions (71%), Adani Ports (66%) and Adani Green Energy (64%). These companies are publicly traded and headquartered in Ahmedabad. Although the shares are held through a network of individuals and entities, they ultimately trace back to the Adani family trust and are credited to it as the founder.
Apart from these, the Adani family wholly owns Adani Realty, which focuses on real estate development, and Adani Properties Pvt, an infrastructure and business activities company. The Adani family also controls a wide network of closely held businesses with significant assets and liabilities, many of which are managed either through a family trust or by the eldest Adani brother, Vinod Adani. These include stakes in Ambuja Cements and ACC, along with the debt used to finance these acquisitions.
The Adani Group has built a diversified portfolio including transport and logistics, integrated energy infrastructure across generation, transmission and distribution, as well as interests in natural resources, airports, defense and aerospace, data centres, cement, media, roads, rail and metro, real estate, urban redevelopment, food and FMCG, digital platforms and business incubation, news agency PTI said.
According to the group, Adani is the first first-generation Indian entrepreneur to lead a business empire with a market capitalization of over $200 billion.
