Indian businessman Gautam Adani has gotten off to a strong start in 2024 after a turbulent year, as he has recently regained his position as the richest man in Asia, according to the Bloomberg Billionaires Index. The founder of the sprawling Adani Group is now valued at $97.6 billion, placing him twelfth among the richest individuals on the planet. The self-made industrialist, who dropped out of college, gained over $13 billion in net worth in the past two days, allowing him to surpass fellow countryman Mukesh Ambani, chairman of Reliance Industries, whose wealth currently stands at $97 billion, making Adani once again the continent's largest billionaire.
Adani's wealth surge—reportedly the largest in the world this year—comes after nearly 12 months of being accused by American research firm Hindenburg of short-selling his group, alleging "brazen stock manipulation and accounting fraud." As a result of the scrutiny that followed these accusations, Adani's fortune, which was valued at over Jeff Bezos's wealth in September 2022, suffered a remarkable decline, with the businessman losing over $80 billion at one point after Hindenburg released its report in January 2023.
The Adani Group issued a 400-page response, describing Hindenburg's analysis as "nothing but a lie." However, this did not prevent a stock market crash early last year, which harmed the market value of the group and Adani's personal wealth. The country's market regulatory authority also launched an investigation into the group.
Adani's stocks rose this week after India's Supreme Court ordered the regulatory body to expedite its investigations, stating that no further inquiries into the group were necessary. Adani welcomed the ruling by saying that "truth has triumphed" and that "his humble contribution to India's growth story will continue," with Adani Enterprises' shares rising by nearly 7 percent this week.
Adani started his career in the diamond trade before founding a commodities trading company in 1988, which later evolved into Adani Enterprises. He now has companies across key sectors ranging from ports, energy, media, to clean energy.
