Indian billionaire Gautam Adani has regained the title of Asia's richest person after a surge in the shares of his group companies boosted his wealth, according to Forbes' real-time billionaire rankings.
Forbes reported that the Adani Group chairman's net worth rose to about $89.2 billion on Friday, placing him ahead of Reliance Industries chairman Mukesh Ambani, whose fortune stood at $88 billion. SoftBank CEO and Japanese technology investor Masayoshi Son was ranked third with an estimated net worth of $87 billion.
The increase in Adani's wealth came as shares of several Adani Group companies advanced during trading. Adani Green Energy led the gains, rising 6.9%, while Adani Energy Solutions climbed 3.8%. Adani Enterprises, Adani Ports and Adani Power also posted gains.
According to Forbes, Adani's fortune has grown by nearly $10 billion since last month, when the US Department of Justice dropped fraud-related charges against the Adani Group. The case stemmed from allegations that the conglomerate was involved in a $250 million bribery scheme linked to solar energy contracts.
The combined market value of six listed Adani Group companies stood at about $191 billion on Friday, Forbes reported.
Adani Power was the group's most valuable company at around $47.2 billion, followed by Adani Ports at $44.2 billion and Adani Enterprises at $44 billion. Adani Green Energy, Adani Energy Solutions and Adani Total Gas accounted for the remainder.
Adani's return to the top of Asia's rich list comes after several years of turbulence for the group.
In 2023, US short-seller Hindenburg Research accused the Adani Group of stock manipulation and accounting fraud, allegations the conglomerate strongly rejected. India's market regulator later said the claims had not been established.
And in November 2024, the billionaire faced legal scrutiny in the US after prosecutors accused him and other Adani Group executives of participating in a bribery scheme to secure solar energy supply contracts in India and subsequently raising funds from investors without disclosing the alleged arrangement. The Adani Group denied the allegations.
Following the DOJ's decision to drop the charges, Adani said the conglomerate had moved past its legal challenges in the US and was focusing on expanding investments across sectors including energy, transport, logistics and digital infrastructure.
He also said the group was positioning itself to capitalise on growing demand driven by the rapid expansion of artificial intelligence, describing AI-led growth as a key opportunity for future investments.
