Adani is the new king of Asia

Ever since Gautam Adani started racing towards becoming the richest person of India, it was evitable that he would one day surpass Mukesh Ambani, the erstwhile richest person of India (and Asia as well). But no one imagined that he would do so in such a short span of time. Today he became the richest person of India (and Asia) usurping Mukesh Ambani after monopoly of more than 13 years. Before Ambani, Lakshmi Narain Mittal held the position of richest person. 

As of now, Adani Group handles a plethora of industries including Adani Ports & SEZ, Adani Transmission, Adani Total Gas, Adani Enterprises, Adani Green Energy and Adani Power, among others. Ever since the pandemic hit last year, Adani’s wealth has skyrocketed. In March 2020, his overall wealth stood close to $5 billion. For the time being, his net worth has zoomed past $90 billion – a growth of over 1800 per cent.  

However, it is not only the Adani’s rise in wealth that has made him the richest person of Asia but the downfall of Ambani’s wealth in recent days. Ever since Reliance Industries cancelled the deal with Aramco, Ambani’s net wealth has witnessed a downfall. Aramco is one of the biggest petroleum-based firms in the world based out of Dhahran in Saudi Arabia. Nevertheless, industry experts were already predicting Adani’s rise to the topmost rank for a long time. 

Going by the Bloomberg Billionaire Index, on November 23, Adani’s wealth had stood at $88.8 billion. Ambani’s net wealth, on the other hand, stood at $91 billion. However, shares of Reliance Industries Limited witnessed a decline of 1.77 percent. Contrary to this, Adani’s shares rose 2.34 percent. This ultimately led to the rise of Adani as the richest Asian. 

327 K