Gautam Adani of the Fortune Group has edged past Chinese tycoon Zhong Shanshan to become the second-richest Asian, according to the Bloomberg Billionaire Index, as the stock prices of his listed companies soared. He is 2nd to India’s Mukesh Ambani of the Reliance Group, who is the richest Asian.
China’s Zhong was the richest Asian till February when he lost the crown to Mukesh Ambani, India’s richest person and chairman of Reliance Industries Ltd. However, while Ambani lost $175.5 million this year, Adani’s wealth surged by $32.7 billion to touch $66.5 billion, against Zhong’s $63.6 billion. Ambani’s total wealth now stands at $76.5 billion, making him the 13th richest in the world, followed by Adani at 14th.
The exponential growth in Adani’s wealth has come on the back of the rise in the share prices of Adani Green, Adani Enterprises, Adani Gas and Adani Transmission. Adani Total Gas shares have jumped about 12-fold in the past year, while Adani Enterprises and Adani Transmission shares have surged more than eightfold and sixfold, respectively. Adani Green Energy and Adani Power have gained fourfold and nearly tripled, respectively, during this period, while Adani Ports more than doubled.