India’s Gautam Adani Is Asia’s Richest Person With $ 88.5 Billion

  • India’s Gautam Adani has overtaken fellow countryman Mukesh Ambani as Asia’s richest man.
  • Adani has a net worth of $ 88.5 billion, according to the Bloomberg Billionaires Index.
  • Adani’s fortune has gained $ 12 billion this year, as shares in some of his companies have soared.

Indian billionaire Gautam Adani is now the richest man in Asia with a net worth of $ 88.5 billion, according to the Bloomberg Billionaires Index.

According to the index, Adani clinched the top spot on Monday by taking over Reliance Industries Ltd. CEO Mukesh Ambani, who has a net worth of $ 87.9 billion.

Adani’s fortune has gained $ 12 billion year-to-date. Most of the 59-year-old’s wealth comes from shares in companies under Adani Group, the conglomerate he founded. In particular, share prices of Adani Green Energy have soared over 44% so far this year, while those of electric power company Adani Transmission have gained 15% year-to-date.

Adani has done well for himself, especially considering he dropped out of college to work as a diamond sorter in the 1980s, per the magazine Business Today. He began importing and exporting other commodities in 1988 and gradually expanded into other industries using loans, the Financial Times reported.

Adani also survived two dangerous events.

In 1998, Adani accused a group of men of kidnapping him and his companion, Shantilal Patel, by The Indian Express. He and Patel were released only after their captors received $ 2 million in ransom.

In 2005, six men were cleared of the charges due to a lack of evidence, NDTV reported. In 2018, two additional men brought to trial were acquitted after prosecutors failed to establish their connections to the alleged kidnapping, Times Now India reported.

Adani also escaped death during the 2008 Mumbai terrorist attacks. He was at the Taj Mahal Hotel in the city center when militants sieged the building, and he hid in the basement until help arrived the following day. Attacks across the city left 166 dead.

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