Mukesh Ambani is no longer Asia’s richest person. The RIL chairman has lost his spot to coal magnate Gautam Adani whose net worth is pegged at $88.5 billion on Monday, according to the Bloomberg Billionaires Index, slightly ahead of Ambani’s USD 87.9 billion. Adani leapfrogged to the list of 10 wealthiest people in the world after nearly USD 12 billion rise in his personal fortune.
Gautam Adani had in November 2021 stated that he wants his conglomerate to be a world leader in green data storage, with sites run entirely on clean power, in sync with India’s goal of turning carbon net-zero by 2070. His Adani Group includes a mix of businesses ranging from power generation and transmission to edible oil to real estate and coal. He’s moving into renewable energy, airports, data centers and defense contracting. The diversification comes against the backdrop of India’s digital economy expected to touch $1 trillion by 2025.
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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. Adani Group has performed exceptionally well on the Indian stock market during the pandemic. Shares of Adani Enterprises have jumped more than 1,000% on the National Stock Exchange in Mumbai since June 2020.
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