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Ambani overtakes Adani to become richest Indian


Nepalnews
2023 Feb 01, 15:11, US
Forbes Real-time billionaire list, Reliance Industries Chairman Mukesh Ambani

Reliance Industries Chairman Mukesh Ambani has overtaken Adani Group chairman Gautam Adani to become the richest Indian in the world with a net worth of USD 84.3 billion, according to Forbes Real-time billionaire list for 2023.

Ambani overtook Adani after the Reliance Industries Chairman's assets went up 0.19 per cent with an increase of wealth by USD 164 million while Gautam Adani's assets went down by 4.62 per cent with the industrialist's wealth pegged at USD 84.1 billion according to the real time tracker of Forbes of 5 pm EST on Tuesday.

Adani who figured among the top three billionaires in the world has dropped in the ranking to number 10 just below Mukesh Ambani. At the top of the list is French luxury fashion giant's LMVH's Bernard Arnault and family. In December 2022, Louis Vuitton's founder and CEO Bernard Arnault overtook Elon Musk as the world's richest person.

However, these values fluctuate constantly. If there is a gain in Adani's stock, it is expected Adani's personal wealth will rise too.

This comes following a report by US short-seller Hindenburg Research on the Adani Group alleging a decades-long fraud scheme, "brazen accounting fraud, stock manipulation and money laundering"

The Hindenburg Research report raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. It also said the Group's exposure to debt was a concern.

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US Reliance Industries Chairman Mukesh Ambani overtaken Adani Group Gautam Adani richest indian Industrialist wealth Money Laundering Hindenburg Research debt stock fluctuate
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