Indian billionaire Gautam Adani has reclaimed the title of Asia's richest person following a surge in share prices of his group's companies. On Friday, the share prices of six major companies owned by the Adani Group increased, leading to a significant change in the list of the wealthiest individuals. According to a report by Forbes, Gautam Adani's wealth increased by approximately $2.5 billion in just one day on Friday. This dramatic rise has brought his total wealth to $89.2 billion, placing him ahead of Indian rival Mukesh Ambani and Japan's Softbank Group CEO Masayoshi Son in the list of Asia's wealthiest individuals. Ambani's current wealth stands at $88 billion, while Son's is $87 billion.
Among the Adani Group's companies, Adani Power is currently the most valuable with a market capitalization of $47.2 billion. The company supplies up to 1,500 megawatts of electricity to Bangladesh and operates a 1,600-megawatt coal-based power plant in Jharkhand, India. On Friday, Adani Green Energy, the group's renewable energy company, saw the largest increase in share price, rising by 6.9%. The combined market value of Adani's six listed companies now stands at approximately $191 billion.
Forbes reports that the Adani Group has faced several major challenges in recent years. In 2023, US short-seller Hindenburg Research accused the Adani Group of stock market manipulation and accounting fraud, labeling it the 'largest corporate fraud' in history. However, India's capital market regulator (SEBI) dismissed these allegations last year, providing some relief to the group.
The controversy did not end there. In November 2024, the US Department of Justice (DOJ) filed a major criminal complaint against Gautam Adani and top executives of his companies. The complaint alleged that Adani and his associates conspired to pay nearly $250 million in bribes to Indian government officials to secure a major solar power contract. They also allegedly concealed this information while raising funds from US and international investors.
According to sources cited by Forbes, Gautam Adani has been lobbying extensively in the US since the beginning of this year to have the case and allegations dismissed. He has hired lobbyists and lawyers in the US to continue this legal battle. Adani has even sought advice from Indian government officials on how to discuss the issue with the Trump administration to navigate this crisis.
Despite the legal and political challenges, the increase in share prices of Adani Group's companies has significantly boosted Adani's personal wealth, allowing him to reclaim the title of Asia's richest person.
