Gautam Adani beats Mukesh Ambani to become richest Asian

NEW DELHI: Gautam Adani has retaken the tag of richest person in Asia after a surge in stock price of the listed companies in his apples-to- airport conglomerate helped him overtake Reliance Industries‘ Mukesh Ambani.
Adani, with a net worth of $111 billion, is now ranked as the 11th richest in the world, ahead of Ambani, whose $109 billion wealth placed him at number 12, according to the Bloomberg Billionaires Index.
Shares of all Adani Group companies surged on Friday by up to 14% after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned $90 billion capital expenditure over the next decade.
An addition of Rs 84,064 crore in market value took the market capitalisation of 10 Adani Group listed firms to Rs 17.5 lakh crore at the close of trading on Friday. .
Adani, 61, had in 2022 become Asia’s richest man after his personal wealth rose even as the global economy suffered a period of slowing growth. But in Jan 2023, his conglomerate was hit by a damning report by prominent short-seller Hindenburg Research.