Mumbai (Maharashtra) [India], June 7 : Billionaire industrialist Gautam Adani has once again become Asia's richest person after a sharp rise in his net worth driven by gains across listed Adani Group companies, according to a Forbes report.
Forbes reported that "Gautam Adani's fortune increased by roughly USD 2.5 billion on Friday as shares rallied across his Adani Group subsidiaries," helping him overtake Reliance Industries Chairman Mukesh Ambani to reclaim the top spot in Asia.
According to Forbes' Real-Time Billionaires List, Adani's net worth rose to USD 89.2 billion, placing him ahead of Ambani at USD 88 billion and SoftBank founder Masayoshi Son at USD 87 billion.
"Adani's net worth swelled to USD 89.2 billion, ranking him ahead of Ambani (USD 88 billion) and SoftBank's Masayoshi Son (USD 87 billion)," Forbes said in its report.
The surge in Adani's wealth came amid gains in several Adani Group stocks. Forbes noted that the rally included Adani Power, Adani Ports, Adani Enterprises, Adani Green Energy and Adani Energy Solutions.
"A boost to Adani's net worth followed a broader stock surge across companies under the umbrella of his Adani Group," the report said, adding that Adani Green Energy gained 6.9 per cent while Adani Energy Solutions rose 3.8 per cent.
Forbes further said Adani's wealth has increased significantly over the past month.
"His fortune has increased by nearly USD 10 billion since the Justice Department dismissed fraud charges against the Adani Group last month," the publication reported. Adani and his co-executives had denied the allegations, Forbes noted.
The report also highlighted the scale of the Adani Group's listed businesses, stating that the combined market value of six major Adani Group companies stood at about USD 191 billion as of Friday.
"About USD 191 billion. That's the combined market value across six Adani Group companies as of Friday," Forbes said.
Adani's return to the top position marks a significant comeback after a prolonged period of volatility following allegations made against the group in recent years.
According to Forbes, the recovery in the group's listed companies has helped restore Adani's standing among the world's wealthiest individuals, placing him once again at the top of Asia's rich list.