Billionaire Gautam Adani has reclaimed the title of Asia's richest person, surpassing Reliance Industries chairman Mukesh Ambani, according to the Bloomberg Billionaires Index. Adani, the chairman of Adani Group, holds the 11th spot on the index with a net worth of $111 billion, compared to Ambani's $109 billion.

Gautam Adani is the founder of Adani Group, a major infrastructure conglomerate based in Ahmedabad, India. The group owns India's largest private port and is one of the world's biggest coal traders. Adani Enterprises, the group's flagship company, reported $17 billion in revenue for the year ending March 31, 2023.

As per Bloomberg's Billionaire Index, most of Adani's wealth comes from stakes in six publicly traded companies under the Adani Group: Adani Enterprises (73%), Adani Power (72%), Adani Total Gas (37%), Adani Energy Solutions (73%), Adani Ports (66%), and Adani Green Energy (56%). These shares are held by various individuals and entities that ultimately belong to the Adani family's trust, reflecting Gautam Adani's status as the founder.

The Adani family also controls billions of dollars in assets and liabilities through a network of privately held companies, often managed by Gautam's older brother, Vinod Adani. These include stakes in Ambuja Cements and ACC, and the debt incurred to finance these acquisitions. The ownership structure of these assets typically involves a series of entities located in jurisdictions such as Mauritius and the British Virgin Islands. Due to the lack of public disclosures and the complexity of pinpointing their exact size and scope, these assets are excluded from Adani's official valuation.

As per Bloomberg's' Billionaire Index Report, the spokesperson of Adani declined to comment on emailed questions regarding the billionaire's net worth.

Source ET Now

BDST: 2024 HRS, JUNE 2, 2024
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