Gautam Adani’s Rise: New Spot on World’s Richest Men List

Business View
3 Min Read
Richest Gautam Adani: The Chairman of Adani Group

Gautam Adani has constantly been in the news over the last few weeks. There are multiple reasons which highlight him but this time he pulled the attention for another reason. According to several reports, the billionaire has recently hit the new spot on the list of the world’s richest men and is just one step behind Mukesh Ambani. The reports further added that the personal wealth of Adani Group’s Chairman has recently risen to $86.2 billion and this addition helped him to get the 14th position in the Bloomberg Billionaires Index. Mr. Adani is just one step behind Mukesh Ambani who is in the 13th position.

As per the Bloomberg Billionaires Index, Adani has a $70.3 billion fortune and his total net worth has jumped by $3.71 billion in just a single day. That means the total net worth of Adani in December is $92.4B. The reports state that the change in just a single day helped him to hit the spot. Now, the latest data has stated that the personal wealth of this billionaire is $86.2 billion. The company Adani is constantly breaking their own records and touching new heights which ultimately helps him to grow his wealth. Recently, the shares of firms that are working under Adani have soared and the combined market cap of the Adani Group conglomerate has reached Rs 14.5 lakh crore.

Adani’s wealth plummeted to $72 billion due to a massive 28% share market decline, while Ambani’s net worth came in at $81 billion, as reported by Bloomberg. Ambani’s current net worth is $83.7 billion, while Adani’s is $75.1 billion, according to Forbes Rich List as well. Adani dropped to fifteenth place on the list, while Ambani rose to the ninth spot.

The report by short-seller Hindenburg caused the Adani companies’ market value to drop by $90 billion. In spite of the report, Adani Enterprises’ follow-on public offer (FPO) for Rs 20,000 crore gained traction on the last day of bidding and was fully subscribed on Tuesday. On Day 3, bids totaling 5,08,68,352 were received against the total offer size of 4,55,06,791 shares, meaning that the issue was subscribed 1.12 times.

According to the Hindenburg report, Adani engaged in accounting fraud and stock manipulation. It also charged Adani’s brothers with unethical behavior. Vinod Adani, the older brother, is allegedly in charge of a “labyrinth” of front firms.

As for the Adani Group, it released a 413-page response to the Hindenburg report on Sunday night, claiming that the short seller had misrepresented offshore entities and related parties without knowing the necessary legal framework in India.


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