Adani Group’s Gautam Adani has overtaken Mukesh Ambani, the chairperson and managing director of Reliance Industries, to become Asia’s richest person, the Bloomberg Billionaires Index showed on Thursday.
The index is a daily ranking of the world’s richest persons, for which the figures are updated at the close of every trading day in New York.
Ambani lost $16.9 billion in 2026, marking the biggest drop in the wealth of the richest Asians, the Financial Times reported. This took his net worth to $90.8 billion.
The businessperson operates the world’s largest refinery.
On the other hand, Gautam Adani, whose conglomerate focuses on infrastructure, energy, logistics and materials, saw his fortune rise by $8.1 billion to $92.6 billion.
Kranthi Bathini, director of equity strategy at WealthMills Securities in Mumbai, told Financial Times that the “impact of global crude oil prices and the geopolitical issues are clearly visible on Mukesh Ambani’s businesses”.
Global oil prices have spiked due to the conflict in West Asia, with Iran having blocked the strategic Strait of Hormuz for most commercial shipping. The narrow waterbody connects the Gulf to the Arabian Sea. About 20% of the global petroleum supply passes through the maritime chokepoint.
India’s wealthiest persons have collectively lost $28.1 billion so far this year due to the crisis, the newspaper reported.
However, Gautam Adani’s companies are “quite resilient and resurgent”...
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