Mukesh Ambani reclaims title of Asia’s wealthiest person while Gautam Adani drops to position 24

New Delhi: Mukesh Ambani has reclaimed his position as Asia’s richest person, with competitor Gautam Adani dropping to No. 24, according to Forbes’ Billionaire 2023 list, published on Tuesday.

“On January 24, Adani was the world’s third-richest individual, with a net worth of over USD 126 billion”, “Forbes stated. Nevertheless, a report produced later that day by American short-seller Hindenburg Research sent his firm’s shares falling. His net worth has increased to USD 47.2 billion, making him the second richest Indian behind Ambani.

Ambani, 65, was rated no. 9 on the World Billionaire list with a net worth of USD 83.4 billion. According to Forbes, “Last year, Ambani’s oil-to-telecom giant Reliance Industries became the first Indian business to cross USD 100 billion in sales.”

The majority of the drop was caused by one elevated series: the stock collapse of Adani Group firms in response to a January disclosure of fraud charges by Hindenburg Research. All the allegations that the Adani Group has denied.

In the meantime, according to the report, Ambani avoided succession concerns by giving his children crucial responsibilities last year – older son Akash is the chairman of telecom subsidiary Jio Infocomm; daughter Isha is the head of retail; and younger son Anant works in Reliance’s new energy endeavors.

As per the Forbes’ World’s Billionaires list, the 25 richest persons in the world are over a combined USD 2.1 trillion, down from USD 2.3 trillion in 2022.

Elon Musk, this year’s second-biggest loss, had it much worse. He lost his status as the world’s richest person following his costly acquisition of Twitter, which he paid in part by selling Tesla shares, which frightened investors.

Musk, 51, is rated second with a net worth of USD 180 billion, followed by Jeff Bezos, who has a net worth of USD 114 billion.