Billionaire industrialist Gautam Adani has regained the title of Asia’s richest person after a sharp increase in his net worth, driven by gains across listed Adani group companies, ANI reported, citing a Forbes report.“Gautam Adani’s wealth increased by about $2.5 billion on Friday as shares rose across his Adani Group subsidiaries,” Forbes reported, helping him overtake Reliance Industries Chairman Mukesh Ambani to regain the top spot in Asia.According to Forbes’ Real Time Billionaires List, Adani’s net worth has risen to $89.2 billion, ahead of Ambani, who is worth $88 billion, and SoftBank founder Masayoshi Son, who is worth $87 billion.“Adani’s net worth rose to $89.2 billion, putting him ahead of Ambani ($88 billion) and SoftBank’s Masayoshi Son ($87 billion),” Forbes said in its report.The increase in Adani’s wealth came amid gains in several Adani Group stocks. According to Forbes, the rise included shares of Adani Power, Adani Ports, Adani Enterprises, Adani Green Energy and Adani Energy Solutions.“The increase in Adani’s net worth came on the heels of a broad-based increase in stocks across companies under the Adani Group umbrella,” the report said, adding that Adani Green Energy stock rose 6.9% while Adani Energy Solutions stock rose 3.8%.
Forbes also said that Adani’s wealth has risen sharply over the past month.“His wealth has increased by about $10 billion since the Justice Department dropped fraud charges against Adani Group last month,” the newspaper reported. Forbes noted that Adani and his executives denied the allegations.The report also highlighted the size of the group’s listed companies, noting that the combined market value of six major companies affiliated with the Adani Group amounted to about $191 billion as of Friday.“About $191 billion. This is the combined market value across six Adani Group companies as of Friday,” Forbes said.Adani’s return to prominence marks a major comeback after a long period of ups and downs for the group.According to Forbes, the rebound in Adani Group’s shares helped restore Adani’s position among the world’s richest individuals, putting him once again at the top of Asia’s rich list.