Indian conglomerate Reliance Industries' chairman Mukesh Ambani has once again become Asia's richest person.
What Happened: According to the Bloomberg Billionaires Index, Ambani surpassed his rival Adani group chairman Gautam Adani on Friday as the shares of India's most valued company RIL saw a massive rebound and inched closer to its all-time high. The stock is up more than 25% since early March and has delivered 27% returns in the last year.
Ambani now stands at the 8th position in the global rich list with a net worth of $99.7 billion, while Adani stood at 9th, a billion dollars away.
Gautam Adani, who had been holding the position of Asia's richest man until now, saw his net wealth decline in the past few weeks as the Adani Group stocks suffered a major sell-off. According to the Bloomberg data, Adani's net wealth, which soared up to $125 billion on May 26, was down to $98 billion on Friday.
However, Adani still has ten times more wealth than what he had two years ago and has added more billions than Ambani this year.
Ambani Is Leaving Warren Buffet, Elon Musk, And Bill Gates behind This Year
While the world's top billionaires like Tesla Inc TSLA CEO Elon Musk and Meta Platforms Inc's FB Mark Zuckerberg and Amazon.com, Inc's AMZN Jeff Bezos have seen their wealth fizzle out – Ambani has been piling on billions.
According to the data, Ambani's fortune swelled by nearly $10 billion this year despite the geopolitical activities influencing the financial markets. At the same time, Musk has lost $42.9 billion, Gates — $14.5 billion, and Buffett — $5.12 billion.
Ambani took over RIL from his father, founder Dhirubhai Ambani, in 2002.
Photo: Courtesy of World Economic Forum via Flickr
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