Mukesh Ambani Overtook Adani Again, Becomes India's And Asia’s Richest Person

According to the Bloomberg Billionaires Index, Mukesh Ambani, Chairman of Reliance Industries, has once again reclaimed the title of the richest person in India and Asia with a net worth of $81 billion. Ambani's return to the top comes as Gautam Adani's net worth has been significantly reduced as a result of a report released by US-based short seller Hindenburg Research alleging Adani of fraud and stock manipulation.  Adani is currently rated 13th on the index, one spot behind Mukesh Ambani, who is the 12th richest person in the world, with a net worth of $72.1 billion.

Adani was the third richest person in the world at the time, with a net worth of $124 billion, on January 17, a day before Hindenburg released its report. His net worth has decreased by around $52 billion since that time. The Indian billionaire has changed positions on Bloomberg's rich list, going from being the highest wealth gainer in 2022 to the biggest loser this year. Historically, Adani has lost $48.5 billion, according to data from Bloomberg. Since short-seller Hindenburg released its report,  Adani companies' market value has fallen by $90 billion, wiping billions off of Adani's fortune.

Adani was alleged of stock manipulation and accounting fraud in the Hindenburg report. It also alleged unethical business transactions by Adani's brother. Vinod Adani, the brother of Gautam Adani, is allegedly in charge of a "labyrinth" of shell companies, according to the short research. seller's Additionally, it claimed that the Indian conglomerate was using offshore tax havens inappropriately, and it raised concerns about the group's mounting debt. It claimed that shares in seven Adani-listed companies have an extra 85% downside due to what it called "sky-high valuation." The Adani Group has angrily denied the accusations and declared them to be false.

The richest man in both Asia and India, Mukesh Ambani, also suffered a decline in his net worth this year. According to Bloomberg,  Ambani's net worth has decreased by $6.08 billion so far this year. With a net worth of $191 billion, Bernard Arnault of French luxury fashion company LMVH stands at the top of the list. The founder and CEO of Louis Vuitton overtook Elon Musk to become the richest person in the world in December 2022. Currently, Musk has a $169 billion net worth.