Gautam Adani becomes Asia's second richest person after Mukesh Ambani

 The six Adani Group companies had a combined market capitalization of Rs 8.36 trillion as of Thursday

Thanks to a continued rise in the market capitalization of the Adani Group companies, its promoter Gautam Adani is now the second richest Asian and fourteenth richest businessman in the world with a net worth of $66.5 billion. Reliance Industries promoter Mukesh Ambani remains the wealthiest businessman in Asia with a net worth of around $76.5 billion, according to Bloomberg data.

The six Adani Group companies had a combined market capitalization of Rs 8.36 trillion as of Thursday, against Reliance Industries’ market capitalization of Rs 12.6 trillion. Adani Green tops the charts in the group with m-cap with Rs 1.99 trillion.

The Adani Group’s market cap has nearly doubled since the beginning of the current calendar year, against a 3.6 percent decline in the RIL’s m-cap over the period.

Adani has added $32.7 billion to his net worth year-to-date in 2021, while Ambani’s net worth has declined by $176 million.

Zhong Shanshan, who was second richest in Asia, and Adani were neck and neck on May 17, with a net worth of $63.9 billion and $63.1 billion, respectively. A day later, Adani took the lead with his net worth rising to $65.9 billion, while Shanshan’s dipped to $63.7 billion.

The Gautam Adani family owns around 72 per stake in the group companies on average, while the Mukesh Ambani family owns around 50 percent stake in RIL. Other group listed companies, such as TV18 group, DEN Network, and Hathway Cable are subsidiaries of Reliance Industries.
Adani Group companies have been among the biggest beneficiaries of the post-pandemic rally on the bourses, seeing a jump of about 6.5 times in m-cap since March 2020, against a 68 percent rise in Sensex and 78 percent rise in RIL.