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Gautam Adani surpasses Mukesh Ambani to become richest person in Asia

Gautam Adani, Adani Group Chairman

Gautam Adani is now the richest person in Asia as his net worth shot up by $12 billion this year to a phenomenal $88.5 billion which surpasses compatriot Mukesh Ambani’s $87.9 billion, according to the Bloomberg Billionaires Index. 

The 59-year-old Adani is also the world's biggest wealth-gainer this year as share prices of some of the Adani Group companies have soared more than 600%, the report states.

The coal and infrastructure sector tycoon has also diversified into renewable energy, airports and defence in accordance with the new thrust on these sectors as part of Prime Minister Narendra Modi’s vision of an Aatamnirbhar Bharat which aims to double the size of the Indian economy to $5 trillion by 2025 and achieve net-zero emissions by 2070.

Adani has pledged to invest a whopping $70 billion by 2030 with the goal of making his group the world's biggest renewable-energy producer.

“The Adani Group has spotted and entered all the happening sectors at the right time, which has appealed to a select band of foreign portfolio investors,” Bloomberg reported, citing Deepak Jasani, head of retail research at Mumbai-based brokerage HDFC Securities Ltd.

“The sectors are capital-intensive and the company has faced little difficulty in raising funds to expand.”

Also read:  Our renewable capacity, investment size makes us the leader among all global companies: Gautam Adani