Gautam Adani reclaims Asia’s richest title after turbulent year

Mumbai: After a turbulent 2023, Gautam Adani has recaptured the title of Asia’s wealthiest person, riding a $7.7 billion surge in net worth to $97.6 billion. This leapfrogs him back to the top spot in the region, surpassing Indian compatriot Mukesh Ambani ($97 billion) by a narrow margin, according to the Bloomberg Billionaires Index.

This triumph for the self-made entrepreneur, who began as a diamond trader in the 1980s, marks the culmination of a rollercoaster year for his diverse conglomerate. Despite vigorously refuting Hindenburg Research’s accusations of corporate misconduct, the Adani Group shed over $150 billion in market value at its peak and spent months rebuilding investor confidence, repaying debt, and addressing regulatory concerns.

A key turning point came this week when the Supreme Court mandated the local markets regulator to conclude its investigation within three months, implicitly closing the door on further probes. This boost in investor sentiment propelled Adani’s fortune up by $13.3 billion, the largest wealth gain globally so far this year.

With the Hindenburg saga in the past, Adani is ready to refocus his ambitious expansion plans. His conglomerate has pledged a staggering $100 billion over the next decade to drive a green transition across its operations, venturing into data centers, artificial intelligence, urban development, airports, and even media.