Gautam Adani overtakes Mukesh Ambani as Asia's richest person
What's the story
Gautam Adani has surpassed Mukesh Ambani to become Asia's richest person, according to the latest data from the Bloomberg Billionaires Index. Adani's net worth has jumped to $92.6 billion, putting him at the top of the Asian rankings and 19th globally. Ambani, who had long held this position, now ranks second in Asia with a net worth of $90.8 billion and is 20th in the world.
Market dynamics
Adani Group stocks surge, while Reliance shows mixed trends
Adani's rise in wealth can be attributed to the consistent performance of his group's stocks this year, which have added $8.1 billion to his fortune. On the other hand, Ambani has seen a decline of $16.9 billion in his net worth over the same period, reflecting mixed trends in Reliance Industries' market performance. Despite a subdued trading session on Thursday with Sensex slipping by 123 points, Adani Group stocks gained significantly.
Wealth fluctuations
Declines for several billionaires globally
The latest shift in the rankings comes as a number of the world's richest people have seen fluctuations in their fortunes. Seven of the top 20 billionaires have seen declines this year, with Bernard Arnault suffering the biggest loss at $44 billion. Others who have seen setbacks include Steve Ballmer, Larry Ellison, Bill Gates, Warren Buffett, Amancio Ortega and Ambani himself. Elon Musk continues to lead with a net worth of $656 billion, followed by Larry Page at $286 billion.